Feb 12 (Reuters) - Stock futures pointed to a higher start for Canada’s main index on Friday as oil prices rose after comments from the United Arab Emirates’ energy minister raised hopes of a coordinated production cut to tackle supply glut.
UAE Energy Minister Suhail bin Mohammed al-Mazrouei said the Organization of the Petroleum Exporting Countries (OPEC) was willing to talk with other exporters about cutting output. He said cheap oil was already forcing some output reductions, which would help rebalance the market.
March futures on the S&P TSX index were up 0.76 percent at 7:15 a.m. ET.
No major economic releases are scheduled for the day .
The Toronto Stock Exchange’s S&P/TSX composite index fell on Thursday for a fifth straight session, hitting a three-week low as disappointing corporate earnings added to broad investor unease about the global economy.
Dow Jones Industrial Average e-mini futures were up 0.9 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 1.04 percent and Nasdaq 100 e-mini futures were up 1.02 percent.
Oil producer Cenovus Energy Inc said on Friday it would sell up to $5 billion of stock, debt and other securities in one or more tranches, a day after it cuts its dividend, to shore up cash amid a slump in oil prices.
TMX Group Ltd, which owns and operates the Toronto Stock Exchange, reported a lower-than-expected fourth-quarter profit as sustained low commodity prices hurt a large portion of its resource-based issuers.
Corporate Canada is on sale for foreign buyers after the Canadian dollar plunged, potentially triggering takeovers that hollow out investor choice in an already concentrated stock market, portfolio managers warned.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,237.70; -0.82 pct
US crude : $27.34; +4.24 pct
Brent crude : $32.35; +4.29 pct
LME 3-month copper : $4,487.00; +0.94 pct
CAE Inc : BMO raises rating to “outperform”
Cenovus Energy Inc : National Bank Financial raises rating to “outperform” from “sector perform”
Telus Corp : Canaccord Genuity cuts rating to “hold” from “buy”
0830 Import prices mm for Jan: Expected -1.4 pct; Prior -1.2 pct
0830 Export prices mm for Jan: Expected -0.9 pct; Prior -1.1 pct
0830 Retail sales mm for Jan: Expected 0.1 pct; Prior -0.1 pct
0830 Retail sales ex-autos mm for Jan: Expected 0.0 pct; Prior -0.1 pct
0830 Retail ex gas/autos for Jan: Prior 0.0 pct
0830 Retail control for Jan: Expected 0.3 pct; Prior -0.3 pct
0955 U Mich Sentiment Preliminary for Feb: Expected 92.0; Prior 92.0
0955 U Mich Conditions Preliminary for Feb: Expected 105.0; Prior 106.4
0955 U Mich Expectations Preliminary for Feb: Expected 82.0; Prior 82.7
0955 U Mich 1-year inflation preliminary for Feb: Prior 2.5 pct
0955 U Mich 5-year inflation preliminary for Feb: Prior 2.7 pct
1000 Business inventories mm for Dec: Expected 0.1 pct; Prior -0.2 pct
1030 ECRI Weekly Index: Prior 129.6
1030 ECRI weekly annualized: Prior -2.3 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)