Feb 16 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Tuesday as oil prices rose after four of the world’s largest producers agreed to freeze output.
U.S. crude oil prices were up 2.5 percent and Brent crude prices were up 2 percent after the move by Saudi, Russian, Qatari and Venezuelan oil ministers to tackle a global supply glut.
March futures on the S&P TSX index were up 1.43 percent at 7:30 a.m. ET.
Manufacturing sales data is due at 8:30 a.m. ET
The Toronto Stock Exchange’s S&P/TSX composite index rebounded on Friday after five days of losses, led by banks and energy stocks as crude oil prices rallied and after U.S. retail sales data offered encouragement on economic growth.
Dow Jones Industrial Average e-mini futures were up 1.34 percent at 7:30 a.m. ET. S&P 500 e-mini futures were up 1.4 percent and Nasdaq 100 e-mini futures were up 1.78 percent.
Restaurant Brands International Inc , the owner of Burger King and Tim Hortons, reported a fourth-quarter profit, compared with a loss a year earlier, helped by strong demand for products such as Nutella pockets, grilled wraps and chicken fries.
Australian ports and rail giant Asciano Ltd formally dumped an A$8.9 billion ($6.4 billion) buyout from Canada’s Brookfield Asset Management Inc after it failed to match a higher offer from local rival Qube Holdings Ltd.
COMMODITIES AT 7:30 a.m. ET
Gold futures : $1,217.40; -1.75 pct
US crude : $30.12; +2.31 pct
Brent crude : $34.10; +2.14 pct
LME 3-month copper : $4,572.50; +0.23 pct
ANALYST RESEARCH HIGHLIGHTS
Agrium Inc : Goldman Sachs cuts target price to C$114 from C$126; rating “neutral”
Parex Resources Inc : Canaccord Genuity raises rating to “buy” from “hold”
U.S. ECONOMIC DATA DUE ON TUESDAY
0830 NY Fed Manufacturing for Feb: Expected -10.00; Prior -19.37
1000 NAHB Housing Market Index for Feb: Expected 60; Prior 60
1600 Net L-T flows, exswaps for Dec: Prior $31.4 bln
1600 Foreign buying, t-bonds for Dec: Prior $38.4 bln
1600 Overall net capital flow for Dec: Prior -$3.2 bln
1600 Net L-T flows, includes swaps for Dec: Prior $18.2 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$1.38) (Reporting by Nikhil Kumar in Bengaluru; Editing by Savio D’Souza)
Our Standards: The Thomson Reuters Trust Principles.