Feb 3 (Reuters) - Canada’s main stock index looked set to open higher on Wednesday after oil prices rebounded on hopes that the world’s largest producers could act to cut output and boost prices.
Russian Foreign Minister Sergei Lavrov said if there is consensus among the Organization of the Petroleum Exporting Countries and non-OPEC members to meet, “then we will meet”.
March futures on the S&P TSX index were up 0.51 percent at 7:15 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index fell on Tuesday, with financial and energy stocks weighing as crude oil prices dropped on renewed concern about oversupply.
Dow Jones Industrial Average e-mini futures were up 0.32 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.37 percent and Nasdaq 100 e-mini futures were up 0.21 percent.
No major economic events in Canada are scheduled for the day .
U.S. home improvement retailer Lowe’s Cos Inc said it would buy Rona Inc in a deal valued at C$3.2 billion ($2.28 billion) to enter Canada’s Quebec province, where Rona is the market leader.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,129.10; +0.16 pct
US crude : $30.58; +2.24 pct
Brent crude : $33.44; +2.20 pct
LME 3-month copper : $4,594; +1.01 pct
ANALYST RESEARCH HIGHLIGHTS
CI Financial Corp : National Bank Financial cuts target price to C$31 from C$34
Innergex Renewable Energy Inc : BMO raises rating to “outperform” from “market perform”
Westjet Airlines Ltd : Cowen and Company cuts rating to “underperform” from “outperform”
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0815 ADP national employment for Jan: Expected 195,000; Prior 257,000
0945 Markit Services PMI final for Jan: Prior 53.7
0945 Markit Composite Final PMI for Jan: Prior 53.7
1000 ISM N-Manufacturing PMI for Jan: Expected 55.1; Prior 55.8
1000 ISM N-Manufacturing Bus Act for Jan: Expected 58.5; Prior 59.5
1000 ISM N-Manufacturing Employment Index for Jan: Prior 56.3
1000 ISM N-Manufacturing New Orders Index for Jan: Prior 58.9
1000 ISM N-Manufacturing Price Paid Index for Jan: Prior 51.0
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$1.39) (Reporting by Nikhil Kumar in Bengaluru)
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