Nov 5 (Reuters) - Stock futures pointed to a higher open for Canada’s main stock index on Wednesday, with December futures on the S&P TSX index up 0.22 percent at 7.15 a.m. ET.
No major economic events are scheduled for Wednesday.
The Toronto Stock Exchange’s S&P/TSX composite index declined on Tuesday as a sharp drop in the price of oil sent shares of energy companies tumbling and the Bank of Nova Scotia’s shares slipped after the company announced job cuts.
Dow Jones Industrial Average e-mini futures were up 0.31 percent at 7.15 a.m. ET, while S&P 500 e-mini futures were up 0.4 percent and Nasdaq 100 e-mini futures were up 0.5 percent.
Auto parts maker and contract vehicle manufacturer Magna International Inc reported a 47 percent jump in third-quarter earnings, boosted by strong demand in North America.
Pacific Rubiales Energy Corp said on Tuesday that it expected to produce between 81,200 and 87,300 barrels of oil equivalent per day next year from its assets in Colombia and Peru, a 22 percent rise over 2014.
Falling oil prices will lead to lower capital spending in Western Canada next year, observers say, as both oil sands and light oil producers look to cope with less cash coming in the door.
COMMODITIES AT 7.15 a.m. ET
Gold futures : $1,140; -2.37 pct
US crude : $77.15; -0.05 pct
Brent crude : $82.42; -0.48 pct
LME 3-month copper : $6,583; -0.98 pct
ANALYST RESEARCH HIGHLIGHTS
Linamar Corp : RBC raises price target to C$65 from C$59; rating “sector perform”
Precision Drilling Corp : Deutsche Bank cuts target price to C$11 from C$16; rating “buy”
Bank of Nova Scotia : CIBC cuts rating to “sector performer” from “sector outperformer”; price target to C$74 from C$80
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0815 ADP National Employment: Expected 220,000; prior 213,000
0945 Markit Comp Final PMI for Oct: Prior 59.00
0945 Markit Svcs PMI Final for Oct: Prior 57.3
1000 ISM N-Mfg PMI for Oct: Expected 58.0; prior 58.6
1000 ISM N-Mfg BAct for Oct: Expected 62.0; prior 62.9
1000 ISM N-Mfg Employment Idx for Oct: Prior 58.5
1000 ISM N-Mfg New Orders Idx for Oct: Prior 61.0
1000 ISM N-Mfg Price Paid Idx for Oct: Prior 55.2
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$1.14) (Reporting by Nikhil Kumar in Bangalore; Editing by Kirti Pandey)
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