Oct 31 - Stock futures pointed to a higher start for Canada’s main stock index on Friday after the Bank of Japan surprised financial markets by significantly expanding its massive stimulus program.
The BoJ’s board voted 5-4 to accelerate purchases of Japanese government bonds, increasing its holdings at an annual pace of 80 trillion yen ($723.4 billion), while tripling its purchases of exchange-traded funds and real-estate investment trusts.
December futures on the S&P TSX index were up 0.54 percent at 7.30 a.m. ET.
Statistics Canada is scheduled to release gross domestic product data for August at 8.30 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index fell on Thursday as shares of Goldcorp Inc and other gold miners tumbled after the companies reported disappointing quarterly results and positive U.S. economic data hurt bullion prices.
Dow Jones Industrial Average e-mini futures were up 1.05 percent at 7.30 a.m. ET, while S&P 500 e-mini futures were up 1.01 percent and Nasdaq 100 e-mini futures were up 1.39 percent.
Canadian Oil Sands Ltd, the largest shareholder in the Syncrude Canada Ltd joint venture, said on Thursday its quarterly profit fell by nearly two-thirds on foreign-exchange losses, lower commodity prices and higher expenses.
First Quantum Minerals Ltd reported a bigger-than-expected drop in third-quarter earnings on Thursday partly due to lower copper and nickel production.
Canadian Prime Minister Stephen Harper unveiled C$26.76 billion in family tax cuts and benefits over six years on Thursday, which will start flowing to voters over the coming year as the country gears up for an election next October.
COMMODITIES AT 7.30 a.m. ET
Gold futures : $1,173.60; -2.09 pct
US crude : $80.44; -0.83 pct
Brent crude : $85.32; -1.08 pct
LME 3-month copper : $6,765; +0.36 pct
ANALYST RESEARCH HIGHLIGHTS
Canadian Oil Sands Ltd : NBF raises rating to “sector perform” from “underperform”
Canfor Pulp Products Inc : Raymond James raises rating to “strong buy” from “outperform”
MDA : CIBC cuts rating to “sector performer” from sector “outperformer”
U.S. ECONOMIC DATA DUE ON FRIDAY
0830 Personal Consump Real mm for Sept: Prior 0.5 pct
0830 Personal Income mm for Sept: Expected 0.3 pct; prior 0.3 pct
0830 Consumption, Adjusted mm for Sept: Expected 0.1 pct; prior 0.5 pct
0830 Core PCE Price Index mm for Sept: Expected 0.1 pct; prior 0.1 pct
0830 Core PCE Price Index yy for Sept: Prior 1.5 pct
0830 PCE Price Index mm for Sept: Prior 0.0 pct
0830 PCE Price Index yy for Sept: Prior 1.5 pct
0830 Employment Wages qq for Q3: Prior 0.6 pct
0830 Employment Benefits qq for Q3: Prior 1.0 pct
0830 Employment Costs for Q3: Expected 0.5 pct; prior 0.7 pct
0945 Chicago PMI for Oct: Expected 60.0; prior 60.5
0955 U Mich Sentiment Final for Oct: Expected 86.4; prior 86.4
0955 U Mich Conditions Final for Oct: Expected 98.9; prior 98.9
0955 U Mich Expectations Final for Oct: Expected 78.2; prior 78.4
0955 U Mich 1Yr Inf Final for Oct: Prior 2.8 pct
0955 U Mich 5-Yr Inf Final for Oct: Prior 2.8 pct
1030 ECRI Weekly Index: Prior 131.9
1030 ECRI Weekly Annualized: Prior -0.1 pct
TBA Dallas Fed PCE for Sep: Prior 1.4 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$1.12) (Reporting by Nikhil Kumar in Bangalore; Editing by Kirti Pandey)