March 12 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Thursday, as oil and gold gained following a decline in the U.S. dollar.
March futures on the S&P TSX index were up 0.07 percent at 7:15 a.m. ET.
Fourth-quarter capacity utilization and new housing price index is due at 8:30 a.m. ET.
Canada’s main stock index rebounded from recent sharp declines on Wednesday as a jump in the price of Brent crude oil helped support shares of energy producers.
Dow Jones Industrial Average e-mini futures were up 0.26 percent at 7:15 a.m. ET, S&P 500 e-mini futures were up 0.23 percent and Nasdaq 100 e-mini futures were up 0.25 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)
Penn West Petroleum Ltd, one of Canada’s largest conventional oil producers, reported a much bigger loss and cut its quarterly dividend for the second time in three months, hurt by lower production and a fall in crude prices.
About 1,000 construction workers employed by a contractor at Husky Energy Inc’s Sunrise oil sands project were laid off unexpectedly on Wednesday, a union official confirmed.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,158; +0.63 pct
US crude : $48.46; +0.6 pct
Brent crude : $58.21; +1.16 pct
LME 3-month copper : $5,866; +2.37 pct
ANALYST RESEARCH HIGHLIGHTS
Kirkland Lake Gold Inc : CIBC raises price target to C$5.25 from C$4.50
Quebecor Inc : CIBC raises price target to C$35 from C$33
Rocky Mountain Dealerships Inc : Raymond James cuts target price to C$10.50 from C$12.50
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Initial jobless claims: Expected +305,000; Prior +320,000
0830 Jobless claims 4-wk average: Prior +304,750
0830 Continued Jobless claims: Expected +2.4 mln; Prior +2.421 mln
0830 Import prices mm for Feb: Expected +0.2 pct; Prior -2.8 pct
0830 Export prices mm for Feb: Expected -0.2 pct; Prior -2.0 pct
0830 Retail sales mm for Feb: Expected +0.3 pct; Prior -0.8 pct
0830 Retail sales ex-autos mm for Feb: Expected +0.5 pct; Prior -0.9 pct
0830 Retail ex-gas/autos for Feb: Prior +0.2 pct
0830 Retail Control for Feb: Expected +0.4 pct; Prior +0.1 pct
1000 Business inventories mm for Jan: Expected +0.1 pct; Prior +0.1 pct
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$1= C$1.27 Reporting by Nandi Kaul in Bengaluru; Editing by Sriraj Kalluvila
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