Jan 7 (Reuters) - Canada’s main stock index was poised to open higher on Wednesday with stock futures for the March quarter on the S&P TSX index up 0.23 percent at 7.15 a.m. ET.
Trade Balance data is due at 8:30 a.m. ET.
Canada’s main stock index dropped to its lowest in nearly 3 weeks on Tuesday as oil prices plunged on renewed concerns about a global supply glut, helping push down shares of energy producers.
Dow Jones Industrial Average e-mini futures were up 0.57 percent at 7.15 a.m. ET, while S&P 500 e-mini futures were up 0.64 percent and Nasdaq 100 e-mini futures were up 55 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)
Republican senators kicked off the new U.S. Congress with legislation to approve the Keystone XL pipeline to bring oil from Canada, but the White House promptly threatened a veto.
Despite weak metal markets, Seabridge Gold Inc’s chief executive is optimistic the company will find a partner this year to help fund and build its $5 billion KSM mine project, one of the world’s biggest undeveloped gold and copper deposits.
COMMODITIES AT 7.15 a.m. ET
Gold futures : $1,216.5; -0.23 pct
US crude : $47.94; +0.02 pct
Brent crude : $50.80; -0.59 pct
LME 3-month copper : $6,116; -0.47 pct
ANALYST RESEARCH HIGHLIGHTS
Crescent Point Energy Corp : CIBC cuts price target to C$41.50 from C$44
Crew Energy Inc : RBC cuts price target to C$10 from C$12
Hudson’s Bay Co : Cowen and Company starts with “outperform”; price target C$28
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0815 ADP National Employment for Dec: Expected 226,000; Prior 208,000
0830 International Trade mm for Nov: Expected -$42.0 bln; Prior -$43.4 bln
FOR CANADIAN MARKETS NEWS:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.18) (Reporting by Abhinav Kaul in Bengaluru; Editing by Savio D’Souza)
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