March 21 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Tuesday as oil prices rose on expectations that OPEC-led output cut would be extended beyond June.
OPEC sources have indicated the group’s members increasingly favor an extension but want the backing of non-OPEC oil producers, which have yet to deliver fully on existing cuts.
June futures on the S&P TSX index were up 0.18 percent at 7:10 a.m. ET.
Retail sales, due at 8:30 am. ET, are expected to have risen 1.1 pct in Jan.
Canada’s benchmark stock index retreated on Monday as oil prices fell and heavyweight energy and financial shares lost ground, while the prospect of higher U.S. interest rates pressured defensive sectors, such as telecoms.
Dow Jones Industrial Average e-mini futures were up 0.04 percent at 7:10 a.m. ET, while S&P 500 e-mini futures were up 0.16 percent and Nasdaq 100 e-mini futures rose 1.19 percent.
Dominion Diamond Corp and fellow Canadian diamond miner Stornoway Diamond Corp have held talks about a potential merger in recent months, people familiar with the matter said on Monday.
AutoCanada Inc ACQ.TO: CIBC cuts target price to C$20 from C$22
BCE Inc BCE.TO: CIBC raises target price to C$60 from C$59
Stella-Jones Inc SJ.TO: Desjardins cuts to hold from buy
COMMODITIES AT 7:10 a.m. ET
Gold futures: $1,232.7; -0.11 pct
US crude: $48.52; +0.62 pct
Brent crude: $51.99; +0.72 pct
LME 3-month copper: $5,825.50; -0.93 pct
08:30 Current account for Q4: Expected -128.2 bln; Prior -113.0 bln
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.33) (Reporting by Astha Rawat in Bengaluru; Editing by Anil D’Silva)