June 13, 2017 / 11:32 AM / in 5 months

CANADA STOCKS-Futures up as oil gains on Saudi pledge to make cuts

June 13 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Tuesday as oil rose on Saudi Arabia’s pledge to make sizable supply cuts in July.

The world’s top oil exporter plans to curb volumes of crude to some Asian buyers and deepen cuts in allocation to the United States, as part of an OPEC-led agreement to prop up oil prices in an oversupplied market.

Also in focus is the two-day Federal Reserve meeting in Washington, where the prospect of the United States raising interest rates and shrinking its mammoth balance sheet reverberated across markets.

June futures on the S&P TSX index were up 0.17 percent at 7:15 a.m. ET.

Canada’s main stock index ended lower on Monday, weighed down by losses from heavyweight banking stocks after two days of strong gains, and as the country’s technology sector tracked the larger U.S. tech group down.

Dow Jones Industrial Average e-mini futures were up 0.10 percent at 7:15 a.m. ET. S&P 500 e-mini futures were up 0.16 percent and Nasdaq 100 e-mini futures were up 0.19 percent.

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TOP STORIES

Hudson’s Bay Co could face investor pressure to monetize a portion of its $10 billion-plus global real estate portfolio at the Canadian retailer’s annual shareholder meeting on Tuesday amid skepticism that last week’s restructuring plans aimed at saving $350 million will be insufficient to battle a tough real estate market.

The Canadian dollar climbed in an otherwise quiet trading day, hitting its highest level in nearly two months after comments from Canada’s central bank raised the prospect that interest rates could rise as soon as this year.

Two miners are missing after a small silver and gold mine owned by Mandalay Resources Corp was flooded, the government said on Monday, adding that authorities are working with technical experts to see if the men have survived and can be rescued.

ANALYST RESEARCH HIGHLIGHTS

Medical Facilities Corp: National Bank of Canada cuts target price to C$16.50 from C$18

Yangarra Resources Ltd: PI Financial raises target price to C$4.50 from C$3.75

Uni Select Inc: BMO raises target price to C$35 from C$34

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1,263.3; -0.31 pct

US crude: $46.21; +0.21 pct

Brent crude: $48.43; +0.27 pct

LME 3-month copper: $5,708.50; -1.1 pct

U.S. ECONOMIC DATA DUE ON TUESDAY

0830 PPI final demand yy for May: Expected 2.3 pct; Prior 2.5 pct

0830 PPI final demand mm for May: Expected 0.0 pct; Prior 0.5 pct

0830 PPI ex food/energy yy for May: Expected 2.0 pct; Prior 1.9 pct

0830 PPI ex food/energy mm for May: Expected 0.2 pct; Prior 0.4 pct

0830 PPI ex food/energy/transport yy for May: Prior 2.1 pct

0830 PPI ex food/energy/transport mm for May: Prior 0.7 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$1.33) (Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Shounak Dasgupta)

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