(Updates with economic data)
March 24 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Friday as oil prices rose, while investors shrugged off a slight dip in February inflation numbers.
Canada’s annual inflation rate dipped to 2.0 percent in February from 2.1 percent in January, in part because consumers paid less for food and telephone services, Statistics Canada said on Friday.
Saudi Arabia said its crude exports to the United States would fall by around 300,000 barrels per day (bpd) between February and March, boosting price sentiment.
June futures on the S&P TSX index were up 0.15 percent at 8:40 a.m. ET.
Canada’s main stock index closed higher on Thursday, led by heavyweight financial sector shares a day after the federal budget held off from raising taxes on investors.
Dow Jones Industrial Average e-mini futures were up 0.25 percent at 8:40 a.m. ET, while S&P 500 e-mini futures were up 0.21 percent and Nasdaq 100 e-mini futures were up 0.28 percent.
The United States has issued a presidential permit for TransCanada Corp’s Keystone XL oil pipeline, the Canadian company said on Friday, ending a years-long battle between environmentalists and the industry over whether Washington should approve it.
The Canadian budget released this week added little stimulus spending, but recent signs of economic strength and federal funds already in the pipeline have boosted expectations that the Bank of Canada may have to shed its doom-and-gloom outlook.
Canada’s BRP Inc reported a better-than-expected quarterly profit on Friday, helped by strong demand for its snowmobiles, watercraft and other recreational vehicles.
ANALYST RESEARCH HIGHLIGHTS
Detour Gold Corp: CIBC cuts target price to C$17 from C$21
COMMODITIES AT 8:40 a.m. ET
Gold futures: $1,245.2; -0.16 pct
US crude: $47.94; +0.5 pct
Brent crude: $50.74; +0.36 pct
LME 3-month copper: $5,812.00; -0.22 pct
U.S. ECONOMIC DATA DUE ON FRIDAY
09:45 Markit Composite Flash PMI for Mar: Prior 54.10
09:45 Markit Services PMI Flash for Mar: Expected 54.2; Prior 53.8
10:30 ECRI Weekly Index : Prior 145.5
10:30 ECRI weekly annualized: Prior 9.6 pct
10:45 Markit Manufacturing PMI Flash for Mar: Expected 54.8; Prior 54.2
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$1.34)
Reporting by Astha Rawat in Bengaluru; Editing by Savio D’Souza and Anil D’Silva
Our Standards: The Thomson Reuters Trust Principles.