Feb 10 (Reuters) - Stock futures pointed to a higher start for Canada’s main stock index on Wednesday as oil prices recovered due to the prospect of OPEC and other major producers cooperating to tackle a supply glut.
Iran’s oil minister said Tehran was ready to negotiate with Saudi Arabia and the Kremlin’s oil tsar Igor Sechin proposed that producing countries reduce output by 1 million barrels per day - without saying whether non-OPEC member Russia would cut production.
March futures on the S&P TSX index were up 0.98 percent at 7:15 a.m. ET.
No major economic releases are scheduled for the day .
Canada’s main stock index fell to a two-week low on Tuesday, weighed down by bank and energy company shares as crude oil prices tumbled and investors globally worried about negative interest rates.
Dow Jones Industrial Average e-mini futures were up 0.83 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 1.08 percent and Nasdaq 100 e-mini futures were up 1.46 percent.
Canadian Pacific Railway Ltd said on Tuesday it planned to seek support from Norfolk Southern Corp’s shareholders to push the U.S. railroad’s board to engage in takeover talks.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,182.90; -1.32 pct
US crude : $28.41; +1.72 pct
Brent crude : $30.78; +1.52 pct
LME 3-month copper : $4,478.00; -0.69 pct
ANALYST RESEARCH HIGHLIGHTS
Canaccord Genuity Group : CIBC cuts rating to “sector performer” from “sector outperformer”
Teck Resources : Barclays raises price target to C$5 from C$4; rating “underweight”
Lake Shore Gold Corp : CIBC cuts rating to “sector performer” from “sector outperformer”
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1100 TR IPSOS PCSI for Feb: Prior 54.30
1400 Federal budget deficit/surplus for Jan: Expected $45.0 bln; Prior -$14.0 bln
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; Editing by Kirti Pandey)
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