Jan 20 (Reuters) - Stock futures pointed to a higher start for Canada’s main stock index on Tuesday as prices of commodities, including gold and oil, stabilized after China’s economic growth in the fourth quarter came slightly better than the markets had expected.
March futures on the S&P TSX index were up 0.69 percent at 7.15 a.m. ET.
Manufacturing sales data for November is due at 8.30 a.m. ET .
Canada’s main stock index was little changed on Monday as a decline in oil and gas stocks, fueled by lower crude prices, offset gains in other sectors.
Dow Jones Industrial Average e-mini futures were up 0.46 percent at 7.15 a.m. ET, while S&P 500 e-mini futures were up 0.57 percent and Nasdaq 100 e-mini futures were up 0.71 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)
Canada’s oilsands companies are perilously close to operating at a loss after six months of plunging crude prices, yet many say they have no plans to cut production at their vast projects in northern Alberta. On the contrary, Syncrude and Canadian Natural Resources Ltd are planning to boost production, in the expectation economies of scale will cut their cost per barrel.
COMMODITIES AT 7.15 a.m. ET
Gold futures : $1,289.80; +1.01 pct
US crude : $47.60; -2.24 pct
Brent crude : $49.08; +0.49 pct
LME 3-month copper : $5,727; +0.97 pct
ANALYST RESEARCH HIGHLIGHTS
Dundee Precious Metals : CIBC raises to “sector outperformer” from “sector performer”
First Quantum Minerals : HSBC raises to “overweight” from “neutral”
Endeavour Silver Corp : CIBC raises to “sector outperformer” from “sector performer”
U.S. ECONOMIC DATA DUE ON TUESDAY
0855 Redbook mm: Prior -3.2 pct
0855 Redbook yy: Prior 3.8 pct
1000 NAHB Housing Market Index for Jan: Expected 58; Prior 57
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$1.20) (Reporting by Abhinav Kaul in Bengaluru; Editing by Kirti Pandey)
Our Standards: The Thomson Reuters Trust Principles.