(Updates with U.S. and Canadian economic data)
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 board voted to accelerate purchases of Japanese government bonds while tripling purchases of exchange-traded funds and real-estate investment trusts.
December futures on the S&P TSX index were up 0.66 percent at 8.45 a.m. ET.
Canadian GDP data for August released on Friday had little impact. A drop in oil and gas output affected by maintenance, combined with a fall in manufacturing, helped push the Canadian economy to its first decline since December.
The Toronto Stock Exchange’s S&P/TSX composite index fell on Thursday as shares of 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 0.99 percent at 8.45 a.m. ET, while S&P 500 e-mini futures were up 1.01 percent and Nasdaq 100 e-mini futures were up 1.45 percent.
Imperial Oil Ltd, Canada’s second largest integrated oil producer and refiner, reported a 45 percent jump in quarterly profit as revenue rose in its downstream and chemical businesses.
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.
COMMODITIES AT 8.45 a.m. ET
Gold futures : $1,167.30; -2.65 pct
US crude : $80.19; -1.15 pct
Brent crude : $85.24; -1.17 pct
LME 3-month copper : $6,766.25; +0.39 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: Actual -0.2 pct; Prior 0.5 pct
0830 Personal Income mm for Sept: Actual 0.2 pct; prior 0.3 pct
0830 Consumption, Adjusted mm for Sept: Actual -0.2 pct; prior 0.5 pct
0830 Core PCE Price Index mm for Sept: Actual 0.1 pct; prior 0.1 pct
0830 Core PCE Price Index yy for Sept: Actual 1.5 pct; Prior 1.5 pct
0830 PCE Price Index mm for Sept: Actual 0.1 pct; Prior 0.0 pct
0830 PCE Price Index yy for Sept: Actual 1.4 pct; Prior 1.5 pct
0830 Employment Wages qq for Q3: Actual 0.8 pct; Prior 0.6 pct
0830 Employment Benefits qq for Q3: Actual 0.6 pct; Prior 1.0 pct
0830 Employment Costs for Q3: Actual 0.7 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 and Ted Kerr)