Feb 17 (Reuters) - Canada’s main stock index looked set to open higher on Wednesday after oil prices rose even as Iran signalled a tough line to efforts led by Russia and Saudi Arabia to broker a deal to freeze production levels and ease a global glut.
March futures on the S&P TSX index were up 0.75 percent at 7:30 a.m. ET.
Data on foreign accounts is due at 8:30 a.m. ET
The Toronto Stock Exchange’s S&P/TSX composite index rose on Tuesday to a one-week high as financials gained for a second straight session, while dashed hopes of an oil supply cut restrained gains for energy stocks.
Dow Jones Industrial Average e-mini futures were up 0.61 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were up 0.69 percent and Nasdaq 100 e-mini futures were up/down 0.81 percent.
Air Canada said its costs would fall this year if the Canadian dollar remained unchanged from 2015 levels, and announced plans to buy up to 75 CS300 aircraft from Bombardier Inc as part of a plan to renew its fleet.
Canadian aircraft and train maker Bombardier Inc said it would reduce its workforce by about 7,000 over the next two years, while ramping up hiring to support production of its CSeries commercial jets.
Valeant Pharmaceuticals got a small shot in the arm late in 2015 when a number of big-name investors made new bets or added to their existing positions at a time when the embattled drug company’s stock price was cheaper than it had been in months.
COMMODITIES AT 7:30 a.m. ET
Gold futures : $1,205.70; -0.18 pct
US crude : $29.61; +1.96 pct
Brent crude : $33.07; +2.77 pct
LME 3-month copper : $4,571.50; +0.32 pct
ANALYST RESEARCH HIGHLIGHTS
Bank of Montreal : Barclays cuts target price to C$60 from C$71
Canadian Imperial Bank of Commerce : Barclays cuts target price to C$74 from C$93
Royal Bank of Canada : Barclays cuts target price to C$58 from C$71
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 Building permits for Jan: Expected 1.200 mln; Prior 1.204 mln
0830 Build permits: change mm for Jan: Prior -6.1 pct
0830 Housing starts number mm for Jan: Expected 1.170 mln; Prior 1.149 mln
0830 House starts mm: change for Jan: Prior -2.5 pct
0830 PPI final demand yy for Jan: Expected -0.6 pct; Prior -1.0 pct
0830 PPI final demand mm for Jan: Expected -0.2 pct; Prior -0.2 pct
0830 PPI ex food/energy yy for Jan: Expected 0.4 pct; Prior 0.3 pct
0830 PPI ex food/energy mm for Jan: Expected 0.1 pct; Prior 0.2 pct
0830 PPI ex food/energy/transport yy for Jan: Prior 0.3 pct
0830 PPI ex food/energy/transport mm for Jan: Prior 0.2 pct
0855 Redbook mm: Prior -2.6 pct
0855 Redbook yy: Prior 0.6 pct
0915 Industrial output mm for Jan: Expected 0.4 pct; Prior -0.4 pct
0915 Capacity utilization mm for Jan: Expected 76.7 pct; Prior 76.5 pct
0915 Manufacturing output mm for Jan: Expected 0.3 pct; Prior -0.1 pct
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 Maju Samuel)
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