Feb 7 (Reuters) - Canada’s main stock index was set to open higher on Tuesday, reversing losses from the previous session, ahead of economic data including trade balance and building permits.
The country’s December trade surplus is expected to have narrowed after posting its first surplus in more than two years in November. Also, markets will watch to see if exports can maintain their strength, as the sector has been a key one for the Bank of Canada’s outlook. The data is due at 8:30 a.m. ET.
Canada’s building permits, scheduled for release at 8:30 a.m. ET, are forecast to have dropped by 4 percent in December, extending November’s slight decline.
Ivey PMI data for January is due at 10:00 am ET.
March futures on the S&P TSX index were up 0.3 percent at 7:15 a.m. ET.
Canada’s main stock index ended lower on Monday, as heavyweight energy stocks weighed with a fall in oil prices, while gold miners caught a boost from bullion jumping to its highest in nearly three months on political uncertainty.
Dow Jones Industrial Average e-mini futures were up 0.32 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.26 percent and Nasdaq 100 e-mini futures were up 0.24 percent.
WestJet Airlines Ltd reported a higher-than-expected quarterly profit as the Canadian carrier flew more passengers.
ANALYST RESEARCH HIGHLIGHTS
AltaGas Ltd : CIBC raises target price to C$39 from C$37
Auryn Resources : Canaccord Genuity starts coverage with a “speculative buy” rating
Open Text : Barclays cuts target price to C$53 from C$101; rating “overweight”
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1229.3; -0.06 percent
US crude : $52.79; -0.42 percent
Brent crude : $55.5; -0.39 percent
LME 3-month copper : $5814; -0.55 percent
U.S. ECONOMIC DATA DUE ON TUESDAY
0830 International trade mm for Dec: Expected -$45.0 bln; Prior -$45.2 bln
1000 JOLTS job openings for Dec: Expected 5.568 mln; Prior 5.522 mln
1500 Consumer credit for Dec: Expected 20.00 bln; Prior 24.53 bln
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$1.32) (Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta)
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