Jan 28 (Reuters) - Canada’s main stock index futures were trading modestly higher on Thursday as oil prices jumped to three-week highs on hopes that major producers would cut output, a day after the U.S. Federal Reserve kept interest rates unchanged.
March futures on the S&P TSX index were up 0.18 percent at 7:15 a.m. ET.
No major economic events are scheduled for the day.
The Toronto Stock Exchange’s S&P/TSX composite index rallied on Wednesday as strength in crude oil prices supported energy and banking stocks, although paring gains after the U.S. Federal Reserve interest rate decision.
Dow Jones Industrial Average e-mini futures were down 0.08 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.07 percent and Nasdaq 100 e-mini futures were up 0.4 percent.
(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)
TOP STORIES
Potash Corp of Saskatchewan reported a lower-than-expected quarterly profit and slashed its quarterly dividend, hurt by weakening fertilizer prices.
Shares of Canadian train and plane maker Bombardier closed below C$1 on Wednesday for the first time since 1991, putting the company at risk of being pushed out of major Canadian indices.
Enbridge Inc, Canada’s largest pipeline company, said it would buy Murphy Oil Corp’s Tupper Main and Tupper West gas plants in northeastern British Columbia for C$538 million ($382 million).
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,121.30; +0.49 pct
US crude : $32.29; -0.03 pct
Brent crude : $33.27; +0.63 pct
LME 3-month copper : $4,532.00; -1.26 pct
ANALYST RESEARCH HIGHLIGHTS
Canadian Natural Resources Ltd : Barclays cuts target price to C$30 from C$37
CGI Group Inc : BMO raises price target to C$63 from C$59; rating “outperform”
Rogers Communications : Canaccord Genuity cuts price target by C$1 to C$50; rating “hold”
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Durable goods for Dec: Expected -0.6 pct; Prior 0.0 pct
0830 Durables ex-transport for Dec: Expected -0.1 pct; Prior 0.0 pct
0830 Durables ex-defense mm for Dec: Prior -1.5 pct
0830 Nondefense cap ex-air for Dec: Expected -0.2 pct; Prior -0.3 pct
0830 Initial Jobless Claims: Expected 282,000; Prior 293,000
0830 Jobless claims 4-week average: Prior 285,000
0830 Continued jobless claims: Expected 2.217 mln; Prior 2.208 mln
1000 Pending Homes Index for Dec: Prior 106.9
1000 Pending sales change mm for Dec: Expected 0.8 pct; Prior -0.9 pct
1100 KC Fed Manufacturing for Jan: Prior -8
1100 KC Fed Composite Index for Jan: Prior -9
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$1.43) (Reporting by Nikhil Kumar in Bengaluru; Editing by Maju Samuel)
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