March 19 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Tuesday as crude prices rose, supported by OPEC supply cuts.
June futures on the S&P/TSX index were up 0.29 percent at 7:05 a.m. ET.
Canada’s Finance Minister Bill Morneau is expected to unveil a stimulus-filled federal budget, the last budget ahead of the federal election in October.
The U.S. Federal Reserve’s two-day policy meeting also begins on Tuesday.
The Toronto Stock Exchange S&P/TSX composite index closed up 111.02 points, or 0.69 percent, at 16,251.37 on Monday.
Dow Jones Industrial Average e-mini futures were up 0.4 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.39 percent and Nasdaq 100 e-mini futures were up 0.38 percent.
Canada’s government will present a budget that is expected to include plenty of stimulus as the Liberals look to eclipse a political scandal threatening Prime Minister Justin Trudeau’s re-election hopes just months ahead of an October vote.
The Canadian oil-producing province of Alberta will increase crude production limits by 25,000 barrels per day in May and a further 25,000 bpd in June, the government said on Monday.
ANALYST RESEARCH HIGHLIGHTS
Air Canada: Cormark Securities resumes coverage with buy rating and C$47 target price
Autocanada Inc: CIBC cuts target price to C$12.50 from C$13
Boralex Inc: National Bank of Canada raises target price to C$25 from C$24
COMMODITIES AT 7:05 a.m. ET
Gold futures: $1308; +0.5 percent
US crude: $59.54; +0.76 percent
Brent crude: $68.11; +0.84 percent
U.S. ECONOMIC DATA DUE ON TUESDAY
1000 Durables ex-defense, R mm for Jan: Prior 0.7 pct
1000 Durable goods, R mm for Jan: Prior 0.4 pct
1000 Factory orders mm for Jan: Expected 0.3 pct; Prior 0.1 pct
1000 Durables ex-transport R mm for Jan: Prior -0.1 pct
1000 Nondefense cap ex-air R mm for Jan: Prior 0.8 pct
1000 Factory ex-transport mm for Jan: Prior -0.6 pct
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$1 = C$1.33 Reporting by Nayyar Rasheed in Bengaluru; Editing by Sai Sachin Ravikumar
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