April 21 (Reuters) - Stock futures pointed to a higher start for Canada’s main stock index on Thursday as oil prices rose after the International Energy Agency suggested the supply glut could ease this year.
June futures on the S&P TSX index were up 0.22 percent at 7:15 a.m. ET.
Oil prices rose after IEA chief Fatih Birol said 2016 would see the biggest fall in output by non-OPEC producers.
He said low oil prices had cut investment by about 40 percent in the past two years, with sharp falls in the United States, Canada, Latin America and Russia.
No major economic events are scheduled for the day.
Canada’s main stock index rose on Wednesday to a near six-month high, led by financial sector and energy stocks after oil turned higher.
Dow Jones Industrial Average e-mini futures were up 0.06 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.06 percent and Nasdaq 100 e-mini futures were up 0.01 percent.
Canada will not give struggling aircraft maker Bombardier Inc federal aid without assurances on jobs, investment in research and the location of the company’s headquarters, a senior government official said on Wednesday.
It could take Canada more than three years to recover from a shock caused by low oil prices, Bank of Canada Governor Stephen Poloz said on Wednesday, citing persistently negative factors in the economy.
Canada’s Liberal government will introduce legislation to legalize and regulate recreational marijuana in spring 2017, Health Minister Jane Philpott said, boosting shares of medical marijuana producers such as Canopy Growth Co, OrganiGram Holdings and Aphria Inc.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,259.80; +0.53 pct
US crude : $44.12; -0.11 pct
Brent crude : $45.81; +0.02 pct
LME 3-month copper : $5,017.50; +0.72 pct
ANALYST RESEARCH HIGHLIGHTS
Canadian Pacific Railway : Barclays raises target to C$200 from C$185; overweight
Husky Energy Inc : Barclays raises target to C$22 from C$21; rating overweight
Teck Resources Ltd : FBR cuts to market perform from outperform
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Initial jobless claims: Expected 263,000; Prior 253,000
0830 Jobless claims 4-week average: Prior 265,000
0830 Continued jobless claims: Expected 2.171 mln; Prior 2.171 mln
0830 National Activity Index for Mar: Prior -0.29
0830 Philly Fed Business Index for Apr: Expected 8.9; Prior 12.4
0830 Philly Fed 6M Index for Apr: Prior 28.80
0830 Philly Fed Capex Index for Apr: Prior 13.3
0830 Philly Fed Employment for Apr: Prior -1.10
0830 Philly Fed Prices Paid for Apr: Prior -0.90
0830 Philly Fed New Orders for Apr: Prior 15.70
0900 Monthly home price mm for Feb: Prior 0.5 pct
0900 Monthly home price yy for Feb: Prior 6.0 pct
0900 Monthly Home Price Index for Feb: Prior 230.7
1000 Leading index change mm for Mar: Expected 0.4 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$1.27) (Reporting by Anjali James in Bengaluru; Editing by Kirti Pandey)
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