(Updates data and story)
Jan 23 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index after global crude prices rose and data showed a fall in the country’s inflation rate in December.
March futures on the S&P TSX index were up 0.16 percent at 8.45 a.m. ET.
Canadian annual inflation rate fell to a nine-month low in December due to lower gasoline costs, Statistics Canada said on Friday, two days after the Bank of Canada cut interest rates due to slumping oil prices.
Crude oil prices rose amid uncertainty about Saudi Arabia’s oil policy following the death of King Abdullah.
Canada’s main stock index advanced to its highest in almost two months on Thursday, buoyed by the European Central Bank’s massive stimulus measures and an unexpected rate cut by the Bank of Canada.
Dow Jones Industrial Average e-mini futures were up 0.06 percent at 8.45 a.m. ET, while S&P 500 e-mini futures were down 0.01 percent and Nasdaq 100 e-mini futures were up 0.04 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)
Canadian retail sales unexpectedly rose by 0.4 percent in November to a record high C$43.03 billion ($34.70 billion), pushed up in part by promotions such as Black Friday, Statistics Canada data indicated on Friday.
Poland’s largest oil refiner PKN Orlen plans further takeovers in Canada, seizing potential opportunities that may come up as low oil prices looked set to force rivals to sell assets, the group’s chief financial officer said on Friday.
The Canadian Broadcasting Corp will no longer allow its on-air journalists to receive payment for appearances at external events, the public broadcaster said on Thursday.
COMMODITIES AT 8.45 a.m. ET
Gold futures : $1,298.7; -0.15 pct
US crude : $46.14; +0.37 pct
Brent crude : $49.06; +1.11 pct
LME 3-month copper : $5,568; -1.74 pct
ANALYST RESEARCH HIGHLIGHTS
First Quantum Minerals Ltd : Goldman Sachs cuts target to C$18.75 from C$26.50
Canadian Pacific Railway Ltd : Canaccord Genuity ups target to C$218 from C$204
U.S. ECONOMIC DATA DUE ON FRIDAY
0830 National Activity Index for Dec: Actual -0.05; Prior 0.73
0945 Markit Manufacturing PMI Flash for Jan: Expected 54.0; Prior 53.9
1000 Existing home sales for Dec: Expected 5.06 mln; Prior 4.93 mln
1000 Existing home sales change for Dec: Expected 2.4 pct; Prior -6.1 pct
1000 Leading Index change mm for Dec: Expected 0.4 pct; Prior 0.6 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$1.24 Reporting by Abhinav Kaul in Bengaluru; Editing by Saumyadeb Chakrabarty
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