(Corrects to remove reference to inflation data expectations in headline and fourth paragraph as the data is due on Friday, not Thursday)
April 20 (Reuters) - Canada’s main stock index was set to open higher on Thursday as oil prices rose after leading Gulf oil producers signalled a likely extension of OPEC-led supply cuts beyond the middle of the year.
Saudi Arabia and Kuwait signalled that an effort by the Organization of the Petroleum Exporting Countries and other producers, including Russia, to cut oil output was likely to be extended beyond June.
June futures on the S&P TSX index were up 0.38 percent at 7:15 a.m. ET.
Canada’s main stock index fell on Wednesday as sliding oil prices weighed on energy stocks, while solid earnings boosted Rogers Communications Inc and BlackBerry Ltd gained on a deal to get its cyber security tools in front of more potential customers.
Dow Jones Industrial Average e-mini futures were up 0.17 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.25 percent and Nasdaq 100 e-mini futures were up 0.3 percent.
Canadian Pacific Railway Ltd, reported a higher-than-expected quarterly profit as it earned more from shipments of commodities such as grain and coal, and the company expressed optimism that demand was improving.
Lending activity to small Canadian businesses dipped in February, though borrowing by medium-sized firms rose for the fourth month in a row on strength in the construction sector and oil-related provinces, data showed on Thursday.
ANALYST RESEARCH HIGHLIGHTS
Canadian Pacific Railway Ltd: RBC raises target price to C$226 from C$224
Rogers Communications Inc: Barclays raises target price to C$63 from C$57
Surge Energy Inc: BMO raises price target to C$3.25 from C$3.00; rating “outperform”
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1279.3; -0.16 percent
US crude: $50.89; +0.89 percent
Brent crude: $53.43; +0.94 percent
LME 3-month copper: $5647; +1.64 percent
U.S. ECONOMIC DATA DUE ON THURSDAY
08:30 Initial jobless claims: Expected 242,000; Prior 234,000
08:30 Jobless claims 4-week average: Prior 247,250
08:30 Continued jobless claims: Expected 2.020 mln; Prior 2.028 mln
08:30 Philly Fed Business Index for Apr: Expected 25.0; Prior 32.8
08:30 Philly Fed 6M Index for Apr: Prior 59.50
08:30 Philly Fed Capex Index for Apr: Prior 34.50
08:30 Philly Fed Employment for Apr: Prior 17.50
08:30 Philly Fed Prices Paid for Apr: Prior 40.70
08:30 Philly Fed New Orders for Apr: Prior 38.60
10:00 Leading index change mm for Mar: Expected 0.2 pct; Prior 0.6 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$1.35) (Reporting by Nikhil Kumar in Bengaluru; Editing by Maju Samuel)
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