Sept 19 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Monday as oil prices rose after Venezuela said OPEC and non-OPEC producers are close to reaching an output deal.
Brent crude futures rose 1.22 percent after Venezuelan President Nicolas Maduro has said that a deal could be announced this month to stabilize oil markets, which have come under pressure due to a persistent oversupply.
December futures on the S&P TSX index were up 0.25 percent at 7:15 a.m. ET.
Canada’s main stock index lost ground on Friday as heavyweight banks, energy and mining stocks all weighed amid lower oil prices and uncertainty about when the Federal Reserve might raise U.S. interest rates.
Dow Jones Industrial Average e-mini futures were up 0.39 percent at 7:15 a.m. ET. S&P 500 e-mini futures were up 0.38 percent and Nasdaq 100 e-mini futures were up 0.30 percent.
TMX Group Ltd, the owner of Canada’s dominant stock exchange, said on Sunday it had not been removed from a major Canadian index run by S&P Global Inc despite what a spokesman said was an erroneous press release issued by S&P unit Capital IQ Inc that it had been removed.
Canada’s autoworkers’ union Unifor and General Motors Co made little progress resolving the key issue of new investment in contract talks late on Sunday, the union’s president said, just over 24 hours ahead of a strike deadline.
Valeant Pharmaceuticals International Inc said its discount and rebates program for two high-priced heart drugs would cover over 90 percent U.S. hospitals once it had finalized the last of the 14 group purchasing organizations.
ANALYST RESEARCH HIGHLIGHTS
Concordia International Corp : RBC cuts target price to $14 from $25
Encana : Goldman Sachs raises price target to $13 from $10
Stella-Jones Inc : Desjardins raises to “buy” from “hold”
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,313.8; +0.58 pct
US crude : $43.62; +1.37 pct
Brent crude : $46.33; +1.22 pct
LME 3-month copper : $4,750.5; -0.78 pct
U.S. ECONOMIC DATA DUE ON MONDAY
1000 NAHB Housing Market Index for September: Expected 60; Prior 60
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$1 = C$1.32 Reporting by Astha Rawat in Bengaluru; Editing by Savio D’Souza
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