March 26 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Tuesday, as oil prices rose with OPEC-led supply cuts and expectations of lower U.S. inventories countering concerns about global economic growth.
The American Petroleum Institute is scheduled to release this week’s first crude supply report, which is expected to show that U.S. inventories have fallen by 2.4 million barrels in what would be a third consecutive weekly decline.
June futures on the S&P/TSX index were up 0.41 percent at 7:05 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX closed down 23.47 points, or 0.15 percent, at 16,065.86 on Monday.
Dow Jones Industrial Average e-mini futures were up 0.56 percent at 7:05 a.m. ET, while S&P 500 e-mini futures were up 0.53 percent and Nasdaq 100 e-mini futures were up 0.52 percent.
China has suspended clearance of Canadian canola shipments by Viterra Inc and related companies from March 26, the General Administration of Customs said in a statement on its website.
Kinder Morgan Inc has dropped out of a recently proposed U.S. Gulf Coast deepwater crude export venture, the project’s leader Enbridge Inc said on Monday.
ANALYST RESEARCH HIGHLIGHTS
Emera Inc: National Bank of Canada raises target price to C$51 from C$50
TransAlta Corp: RBC raises target price to C$11 from C$9
Lundin Mining Corp: Morgan Stanley cuts price target to C$8.60 from C$8.70
COMMODITIES AT 7:05 a.m. ET
Gold futures: $1314.5; -0.61 percent
US crude: $59.6; +1.33 percent
Brent crude: $67.82; +0.91 percent
U.S. ECONOMIC DATA DUE ON TUESDAY
0830 Building permits: number for Feb: Expected 1.300 mln; Prior 1.317 mln
0830 Build permits: change mm for Feb: Prior -0.7 pct
0830 Housing starts number for Feb: Expected 1.213 mln; Prior 1.230 mln
0830 House starts mm: change for Feb: Prior 18.6 pct
0900 Monthly home price mm for Jan: Prior 0.3 pct
0900 Monthly home price yy for Jan: Prior 5.6 pct
0900 Monthly Home Price Index for Jan: Prior 270.2
0900 Caseshiller 20 mm SA for Jan: Expected 0.3 pct; Prior 0.2 pct
0900 Caseshiller 20 mm NSA for Jan: Prior -0.2 pct
0900 Caseshiller 20 yy for Jan: Expected 4.0 pct; Prior 4.2 pct
1000 Consumer Confidence for Mar: Expected 132; Prior 131.4
1000 Rich Fed Composite Index for Mar: Prior 16
1000 Rich Fed, Services Index for Mar: Prior 17
1000 Rich Fed Manufacturing Shipments for Mar: Prior 12
1030 Texas Service Sector Outlook for Mar: Prior 2
1030 Dallas Fed Services Revenues for Mar: Prior 19.2
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 Avina Ajit in Bengaluru; Editing by Maju Samuel)
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