April 25 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Tuesday on growing confidence that the market-friendly Emmanuel Macron would beat far-right rival Marine Le Pen to become the next French president.
Markets were also looking forward to U.S. President Donald Trump’s promise of a “big tax reform and tax reduction” announcement on Wednesday.
June futures on the S&P TSX index were up 0.33 percent at 7:15 a.m. ET.
No major economic releases are scheduled for the day.
Canada’s main stock index rose on Monday to a nearly two-week high, boosted by solid gains for financials as investors cheered French election results that limited the risk of another core member leaving the European Union.
Dow Jones Industrial Average e-mini futures were up 0.33 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.19 percent and Nasdaq 100 e-mini futures were up0.22 percent.
Canada’s Teck Resources Ltd, North America’s largest producer of steelmaking coal, reported lower-than-expected profit due to higher costs, lower production and sales volumes.
Barrick Gold reported weaker-than-expected quarterly earnings on Monday and also slashed its forecast for output and hiked costs at its gold mine in Argentina, where cyanide solution spilled recently for the third time in 18 months.
Canadian National Railway Co on Monday reported an 8 percent increase in quarterly revenue as the railroad moved record volumes, boosted by grain, frac sand and coal.
ANALYST RESEARCH HIGHLIGHTS
Canadian National Railway: National Bank of Canada ups target price to C$101 from C$94
Semafo Inc: CIBC cuts rating to “neutral” from “outperformer”
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,270.5; -0.42 pct
US crude: $49.41; +0.37 pct
Brent crude: $51.853 +0.45 pct
LME 3-month copper: $5,690.50; +0.63 pct
U.S. ECONOMIC DATA DUE ON TUESDAY
0900 Monthly home price mm for Feb: Prior 0.0 pct
0900 Monthly home price yy for Feb: Prior 5.7 pct
0900 Monthly Home Price Index for Feb: Prior 242.6
0900 CaseShiller 20 mm SA for Feb: Expected 0.8 pct; Prior 0.9 pct
0900 CaseShiller 20 mm NSA for Feb: Prior 0.2 pct
0900 CaseShiller 20 yy for Feb: Expected 5.7 pct; Prior 5.7 pct
1000 Consumer Confidence for Apr: Expected 122.5; Prior 125.6
1000 New home sales units for Mar: Expected 0.583 mln; Prior 0.592 mln
1000 New home sales change mm for Mar: Expected -0.8 pct; Prior 6.1 pct
1000 Rich Fed Composite Index for Apr: Prior 22
1000 Rich Fed Services Index for Apr: Prior 9
1000 Rich Fed Manufacturing Shipments for Apr: Prior 17
1030 Texas Service Sector Outlook for Apr: Prior 13.2
1030 Dallas Fed Services Revenue for Apr: Prior 15.2x
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$1.36)
Reporting by Astha Rawat in Bengaluru; Editing by Anil D’Silva
Our Standards: The Thomson Reuters Trust Principles.