April 6 (Reuters) - Canadian stock futures edged higher on Wednesday as oil futures recovered from one-month lows, rising more than 2 pct on hopes for an agreement among exporters to freeze output.
June futures on the S&P TSX index were up 0.37 percent at 7:15 a.m. ET.
Ivey purchasing index data is due at 10:00 a.m. ET
Canada’s main stock index lost ground on Tuesday as financial stocks weighed after the country’s trade deficit unexpectedly jumped and exports slumped, while energy companies pulled back as oil prices lifted off a one-month low.
Dow Jones Industrial Average e-mini futures were up 0.15 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.18 percent and Nasdaq 100 e-mini futures were up 0.2 percent.
Royal Bank of Canada, Canada’s biggest lender, faces shareholders at its annual meeting in Montreal on Wednesday amid concerns over its oil and gas exposure following an increase in bad loans in the first quarter.
Commodity miner and trader Glencore has agreed to sell 40 percent of its agricultural unit to Canada’s state pension fund for $2.5 billion, the company’s latest step to cut debt and soothe investor concerns about the impact of weak commodity prices.
Regulations aimed at ensuring tens of thousands of inactive oil and gas wells dotting the Alberta landscape are properly reclaimed could be a death knell for some producers already crippled by weak energy prices.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,225.2; -0.26 pct
US crude : $36.97; +3.04 pct
Brent crude : $38.84; +2.56 pct
LME 3-month copper : $4672; -0.28 pct
ANALYST RESEARCH HIGHLIGHTS
Canadian Natural Resources Ltd : RBC raises target to C$40 from C$39
Metro Inc : Desjardins cuts to hold from buy
Hudson’s Bay Co : CIBC cuts target to C$23 from C$30
U.S. ECONOMIC DATA DUE ON WEDNESDAY
No major economic events are scheduled for the day.
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$1 = C$1.32 Reporting by Anjali James in Bengaluru
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