Aug 9 (Reuters) - Stock futures pointed to a higher start for Canada’s main stock index on Tuesday as oil prices gained on expectations of a drop in U.S. inventories.
Total U.S. crude inventories were expected to fall by 1 million barrels in weekly reports, although market intelligence firm Genscape has reported a rise of more than 307,000 barrels at the Cushing, Oklahoma U.S. crude delivery hub, traders said.
September futures on the S&P TSX index were up 0.26 percent at 7:15 a.m. ET.
Canadian housing starts data is expected at 8:30 a.m. ET .
Canada’s main stock index notched its highest close in more than a year on Monday as energy stocks jumped with rising oil prices amid improved risk sentiment and on speculation that OPEC would seek to restrain output.
Dow Jones Industrial Average e-mini futures were up 0.11 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.09 percent and Nasdaq 100 e-mini futures were up 0.13 percent.
Valeant Pharmaceuticals International Inc said on Tuesday it would reorganize, and stood by its full-year forecast, as it attempts to restore investor confidence after facing a storm of criticism over its business practices.
Bank of Nova Scotia, Canada’s third-largest bank, has applied to Taiwan’s financial regulator to exit the local market, the regulator and bank said on Monday, part of a revamp of its Asia strategy.
Agrium Inc has suspended operations at its Vanscoy potash mine in Saskatchewan after a worker was injured, the Canadian Press (CP) news agency said on Monday.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,331.8; -0.12 percent
US crude : $43.28; +0.60 percent
Brent crude : $45.58; +0.42 percent
LME 3-month copper : $4,792.50; -0.36 percent
ANALYST RESEARCH HIGHLIGHTS
Richmont Mines : CIBC cuts to “sector performer” from “sector outperformer”
Vermilion Energy Inc : RBC raises target price to C$47 from C$43
Whistler Blackcomb : CIBC cuts to “sector performer” from “sector outperformer”
U.S. ECONOMIC DATA DUE ON TUESDAY
0830 Labor costs preliminary for Q2: Expected 1.8 pct; Prior 4.5 pct
0830 Productivity preliminary for Q2: Expected 0.4 pct; Prior -0.6 pct
0855 Redbook mm: Prior -0.6 pct
0855 Redbook yy: Prior 0.3 pct
1000 Wholesale inventories, R mm for Jun: Expected 0.0 pct; Prior 0.0 pct
1000 Wholesale sales mm for Jun: Expected 0.4 pct; Prior 0.5 pct
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Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.32) (Reporting by Nandi Kaul in Bengaluru; Editing by Saumyadeb Chakrabarty)
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