Nov 22 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Wednesday as oil prices surged after faults on a major pipeline dented Canadian deliveries to the United States.
December futures on the S&P TSX index were up 0.16 percent at 7:15 a.m. ET.
Investors also awaited the scheduled release of minutes from the latest U.S. Federal Reserve meeting for hints on the future rate-hike path.
U.S. light crude hit highs not seen since July 2015, with traders attributing the jump to an 85 percent cut in the amount of oil TransCanada Corp will deliver to the United States on its Keystone pipeline through end-November.
Canada’s main stock index posted a 12-day high on Tuesday, helped by broad-based gains led by materials companies as copper prices climbed.
Dow Jones Industrial Average e-mini futures were up 0.16 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.09 percent and Nasdaq 100 e-mini futures were up 0.1 percent.
TransCanada Corp has told some customers that it will cut deliveries by 85 percent or more on its 590,000-barrel-per-day Keystone crude pipeline through to the end of November, according to three sources familiar with the matter.
The United States, Mexico and Canada failed to resolve any major differences in a fifth round of talks to rework the NAFTA trade deal, drawing a swift complaint from the Trump administration on Tuesday that the lack of progress could doom the process.
The Canadian government proposed on Tuesday mandatory health warnings and child-proof packaging as well as a licensing regime for all cannabis products in legislation ahead of the July 2018 legalization of recreational marijuana.
ANALYST RESEARCH HIGHLIGHTS
BRP Inc: Canaccord Genuity raises price target to C$51 from C$50
George Weston Ltd: CIBC cuts price target to C$119 from C$123
Pan American Silver Corp: Credit Suisse raises price target to C$25 from C$24
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1284.7; rose 0.28 percent
US crude: $57.8; rose 1.71 percent
Brent crude: $63.14; rose 0.91 percent
LME 3-month copper: $6912; rose 0.04 percent
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 Durable goods for Oct: Expected 0.3 pct; Prior 2.0 pct
0830 Durables ex-transport for Oct: Expected 0.5 pct; Prior 0.7 pct
0830 Durables ex-defense mm for Oct: Expected 0.9 pct; Prior 1.9 pct
0830 Nondefense cap ex-air for Oct: Expected 0.5 pct; Prior 1.7 pct
0830 Initial jobless claims: Expected 240,000; Prior 249,000
0830 Jobless claims 4-week average: Prior 237,750
0830 Continued jobless claims: Expected 1.882 mln; Prior 1.860 mln
1000 U Mich Sentiment Final for Nov: Expected 98.0; Prior 97.8
1000 U Mich Conditions Final for Nov: Expected 113.3; Prior 113.6
1000 U Mich Expectations Final for Nov: Expected 87.6; Prior 87.6
1000 U Mich 1 year inflation final for Nov: Prior 2.6 pct 1000 U Mich 5 year inflation final for Nov: Prior 2.5 pct
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$1=C$1.27 Reporting by Debanjan Bose; Editing by Sriraj Kalluvila
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