April 27 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Wednesday as oil prices touched their highest levels in 2016, driven by a falling dollar and evidence of declining U.S. supply.
June futures on the S&P TSX index were up 0.01 percent at 7:15 a.m. ET.
No major economic events are scheduled for the day.
Canada’s benchmark stock index edged higher on Tuesday as a jump in oil prices supported energy stocks, while the materials group also advanced, offsetting deep losses for one of the country’s major railway stocks.
Dow Jones Industrial Average e-mini futures were down 0.27 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.31 percent and Nasdaq 100 e-mini futures were down 1.14 percent.
Outgoing Valeant Pharmaceuticals Chief Executive Michael Pearson plans to tell a U.S. Senate panel on Wednesday that he regrets his decision to acquire and jack up the price of two life-saving heart drugs.
Canadian plane and train maker Bombardier Inc said on Tuesday it will be moving forward its first-quarter results by a day to Thursday, in a surprise announcement that only served to elevate market expectations of a big CSeries order this week.
Canadian oil producer Cenovus Energy Inc reported a smaller quarterly loss, helped by foreign exchange gains, and said it would cut its 2016 capital budget to help cope with a prolonged slump in oil prices.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,242.20; 0.00 pct
US crude : $44.96; +2.09 pct
Brent crude : $46.74; +2.21 pct
LME 3-month copper : $4,933.50; -0.57 pct
ANALYST RESEARCH HIGHLIGHTS
Teck Resources Ltd : NBF raises to sector perform from underperform
Husky Energy : Barclays cuts target price to C$21 from C$22; rating overweight
Sun Life Financial Inc : CIBC raises target price to C$47 from C$44
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 Advanced goods trade balance for Mar: Prior -62.86 bln
1000 Pending Homes Index for Mar: Prior 109.1
1000 Pending sales change mm for Mar: Expected 0.5 pct; Prior 3.5 pct
1400 Fed funds target rate: Expected 0.375 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$1.26) (Reporting by Anjali James in Bengaluru; Editing by Maju Samuel)
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