(Adds economic data, updates prices)
March 1 (Reuters) - Stock futures pointed to a higher start for Canada’s main stock index on Tuesday after oil prices rose and weak manufacturing data from Europe and China strengthened the case for more stimulus.
Oil prices rose after China’s surprise monetary policy easing on Monday stoked expectations for higher oil demand from the world’s largest commodities consumer and signs emerged that a global supply glut was starting to deflate.
The rise and fall in oil prices have held the stock markets globally hostage for most of this year, especially commodities-heavy markets such as Canada’s.
Statistics Canada data showed the Canadian economy slowed substantially in the fourth quarter as exports fell and businesses held back on investments, suggesting the country was still hurting from low oil prices.
March futures on the S&P TSX index were up 0.76 percent at 8:45 a.m. ET.
Canada’s main stock index rose on Monday as commodity market gains drove resource stocks higher, while Valeant Pharmaceuticals International fell on news the company is under investigation by the U.S. Securities and Exchange Commission.
Dow Jones Industrial Average e-mini futures were up 0.60 percent at 8:45 a.m. ET. S&P 500 e-mini futures were up 0.65 percent and Nasdaq 100 e-mini futures were up 0.61 percent.
Bank of Nova Scotia, Canada’s third-largest bank, reported a 5.1 percent rise in quarterly profit, helped by growth in its international banking business.
Maple Leaf Foods reported a quarterly profit, compared with a year-earlier loss, helped by improved margins in its prepared meats business.
COMMODITIES AT 8:45 a.m. ET
Gold futures : $1,243.00; +0.74 pct
US crude : $34.21; +1.39 pct
Brent crude : $36.78; +0.57 pct
LME 3-month copper : $4,709.00; +0.30 pct
ANALYST RESEARCH HIGHLIGHTS
Acadian Timber Corp : CIBC starts coverage with “sector performer” rating; target price C$20
Delphi Energy Corp : Raymond James cuts target price to C$1.75 from C$1.85; rating “strong buy”
Prairiesky Royalty Ltd : NBF raises target price to C$24 from C$23; rating “outperform”
U.S. ECONOMIC DATA
0855 Johnson Redbook retail sales index mm: Actual -2.4 pct; Prior -2.3 pct
0855 Johnson Redbook retail sales index yy: Actual +0.6 pct; prior +1.2 pct
0945 Markit Manufacturing PMI Final for Feb: Prior 51.0
1000 Construction spending mm for Jan: Expected +0.4 pct; Prior +0.1 pct
1000 ISM Manufacturing PMI for Feb: Expected 48.5; Prior 48.2
1000 ISM Manufacturing Prices Paid Index for Feb: Expected 34.5; Prior 33.5
1000 ISM Manufacturing Employment Index for Feb: Expected 46.4; Prior 45.9
1000 ISM Manufacturing New Orders Index for Feb: Prior 51.5
1030 Texas Services Sector Outlook for Feb: Prior -10.4
1030 Dallas Fed Services Revenue Index for Feb: Prior 10.0
1330 Domestic car sales for Feb: Expected 5.50 mln; Prior 5.54 mln
1330 Domestic truck sales for Feb: Expected 8.49 mln; Prior 8.62 mln
1330 Total vehicle sales for Feb: Expected 17.68 mln; Prior 17.58 mln
1330 All car sales for Feb: Prior 7.43 mln
1330 All truck sales for Feb: Prior 10.15 mln
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$1.35) (Reporting by Nikhil Kumar in Bengaluru; Editing by Kirti Pandey)
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