(Adds economic data)
Dec 23 (Reuters) - Stock futures pointed to a higher start for Canada’s main stock index on Wednesday, despite weak economic growth and retail sales data, as oil prices edged up following an unexpected decline in U.S. crude inventories.
Oil prices rose, underpinned by an unexpected fall in U.S. crude inventories, but they were still close to multi-year lows as supplies remained abundant and as OPEC lowered the demand outlook for its exports.
March futures on the S&P TSX index were up 0.73 percent at 8:45 a.m. ET.
Canada’s economic growth stalled in October, struggling soon after emerging from recession, as a rebound in the oil and gas sector was offset by declines in manufacturing and retail activity, data from Statistics Canada showed.
Retail sales also rose less than expected in October as increased purchases of motor vehicles and clothing were tempered by a decline at food stores, according to data from Statistics Canada.
Canada’s main stock index gained in low-volume trade on Tuesday, with rises in industrial, telecom and resource stocks offsetting the impact of subdued performance in some of the country’s biggest banks.
Dow Jones Industrial Average e-mini futures were up 0.50 percent at 8:45 a.m. ET, while S&P 500 e-mini futures were up 0.29 percent and Nasdaq 100 e-mini futures were up 0.34 percent.
U.S. railroad operator Norfolk Southern Corp rejected Canadian Pacific Railway Ltd’s revised bid, reiterating that it was “grossly inadequate” and created “substantial regulatory risks and uncertainties”.
A C$460 million ($330.5 million) settlement fund for victims of the 2013 Lac-Megantic crude-by-rail disaster will begin disbursements this week without the participation of Canadian Pacific Railway, the monitor involved in the payments said on Tuesday.
COMMODITIES AT 8:45 a.m. ET
Gold futures : $1,070.60; -0.33 pct
US crude : $36.72; +1.66 pct
Brent crude : $36.67; +1.55 pct
LME 3-month copper : $4,692.50; +0.58 pct
Tourmaline Oil Corp : BMO cuts rating to “market perform” from “outperform”
Northern Blizzard Resources Inc : RBC starts coverage with “sector perform” rating
Newcastle Gold Ltd : M Partners resumes coverage with “buy” rating
0830 Personal consumption real mm for Nov: Actual +0.3 pct; Prior 0.0 pct
0830 Personal income mm for Nov: Actual +0.3 pct; Prior +0.4 pct
0830 Consumption, adjusted mm for Nov: Actual +0.3 pct; Prior 0.0 pct
0830 Core PCE price index mm for Nov: Actual +0.1 pct; Prior 0.0 pct
0830 Core PCE price index yy for Nov: Actual +1.3 pct; Prior +1.3 pct
0830 PCE price index mm for Nov: Actual 0.0 pct; Prior +0.1 pct
0830 PCE price index yy for Nov: Actual +0.4 pct; Prior +0.2 pct
0830 Durable goods for Nov: Actual 0.0 pct; Prior +2.9 pct
0830 Durables ex-transport for Nov: Actual -0.1 pct; Prior +0.5 pct
0830 Durables ex-defense mm for Nov: Actual -1.5 pct; Prior +3.0 pct
0830 Nondefense cap ex-air for Nov: Actual -0.4 pct; Prior +0.6 pct
1000 U Mich Sentiment Final for Dec: Expected 92.0; Prior 91.8
1000 U Mich Conditions Final for Dec: Expected 106.5; Prior 107.0
1000 U Mich Expectations Final for Dec: Expected 82.0; Prior 82.0
1000 U Mich 1 year inflation final for Dec: Prior 2.6 pct
1000 U Mich 5-year inflation final for Dec: Prior 2.6 pct
1000 New home sales-units mm for Nov: Expected 0.505 mln; Prior 0.495 mln
1000 New home sales change mm for Nov: Expected +2.0 pct; Prior +10.7 pct
1300 Dallas Fed PCE for Nov: Prior +1.3 pct
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.39) (Reporting by Nikhil Kumar in Bengaluru; Editing by Kirti Pandey)