Dec 1 (Reuters) - Canada’s main stock index was set to open higher on Tuesday as oil prices steadied after the dollar eased, but concerns about oversupply lingered ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting this week.
The OPEC is expected to stick to its output target when it gives its decision on Friday.
December futures on the S&P TSX index were up 0.62 percent at 7:10 a.m. ET.
Gross domestic product data for the third quarter is due at 8:30 a.m. ET.
Canada’s main stock index rallied on Monday, led by strength in resource stocks and as financial shares rose ahead of bank earnings reports this week. However, the index lost 0.4 percent in November.
Dow Jones Industrial Average e-mini futures were up 0.41 percent at 7:10 a.m. ET, while S&P 500 e-mini futures were up 0.35 percent and Nasdaq 100 e-mini futures were up 0.38 percent.
Bank of Nova Scotia, Canada’s third-largest bank, reported a higher quarterly profit that beat market expectations, driven by robust asset growth and a benefit from favorable foreign exchange moves.
Canadian Oil Sands Ltd set a capital expenditure target of C$295 million for 2016, down about 35 percent from the estimated budget for 2015, saying the Syncrude oil sands project would help raise output at lower costs.
COMMODITIES AT 7:10 a.m. ET
Gold futures : $1,068.10; +0.25 pct
US crude : $41.68; +0.10 pct
Brent crude : $44.62; +0.02 pct
LME 3-month copper : $4,611; +0.55 pct
ANALYST RESEARCH HIGHLIGHTS
Jean Coutu Group PJC Inc : RBC cuts price target to C$20 from C$24
Cenovus Energy Inc : Goldman Sachs raises to “neutral” from “sell”
U.S. ECONOMIC DATA DUE ON TUESDAY
0855 Redbook mm: Prior +0.9 pct
0855 Redbook yy: Prior +1.5 pct
0945 Markit Manufacturing PMI Final for Nov: Prior 52.6
1000 Construction spending mm for Oct: Expected +0.5 pct; Prior +0.6 pct
1000 ISM Manufacturing PMI for Nov: Expected 50.5; Prior 50.1
1000 ISM Manufacturing Prices Paid Index for Nov: Expected 40.0; Prior 39.0
1000 ISM Manufacturing Employment Index for Nov: Expected 48.4; Prior 47.6
1000 ISM Manufacturing New Orders Index for Nov: Prior 52.9
1030 Texas Service Sector Outlook for Nov: Prior 5.6
1030 Dallas Fed Services Revenue Index for Nov: Prior 7.6
1330 Domestic car sales for Nov: Expected 5.80 mln; Prior 5.89 mln
1330 Domestic truck sales for Nov: Expected 8.52 mln; Prior 8.61 mln
1330 Total vehicle sales for Nov: Expected 18.10 mln; Prior 18.24 mln
1330 All car sales for Nov: Prior 8.01 mln
1330 All truck sales for Nov: Prior 10.23 mln
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.33) (Reporting by Ayesha Sruti Ahmed in Bengaluru; Editing by Kirti Pandey)
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