Aug 28 (Reuters) - Futures for Canada’s main stock index inched higher on Wednesday as oil prices rose after industry data showed a fall in stockpiles of U.S. crude.
U.S. crude stockpiles plummeted by 11.1 million barrels last week as imports dropped, compared with expectations for a 2-million-barrel draw, data from the American Petroleum Institute, an industry group, showed.
September futures on the S&P/TSX index were up 0.09% at 7:00 a.m. ET.
The Toronto Stock Exchange S&P/TSX composite index rose 0.53 percent to 16,183.59 on Tuesday.
Dow Jones Industrial Average e-mini futures were up 0.03% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.07% and Nasdaq 100 e-mini futures were up 0.01%.
National Bank of Canada reported quarterly profit above analysts’ expectations, helped by growth in all its businesses, including personal and commercial lending.
A global shortage of pilots and mechanics is preventing some Canadian aviation service companies from meeting the needs of airlines and other customers scrambling to secure replacements for grounded Boeing 737 MAX jets.
ANALYST RESEARCH HIGHLIGHTS
Bank of Montreal: CIBC cuts price target to C$105 from $111
Bank of Nova Scotia: RBC cuts target price to C$80 from C$82
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1541.8; +0.03%
US crude: $55.8; +1.58%
Brent crude: $60.3; +1.33%
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Canadian markets directory ($1= C$1.33) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Arun Koyyur)
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