Aug 16 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Wednesday as oil prices edged up after a report showed a decline in U.S. crude inventories.
The American Petroleum Institute said on Tuesday U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million. That compared with the average analyst expectation of a decrease of 3.1 million barrels.
September futures on the S&P TSX index were up 0.13 percent at 7:15 a.m. ET.
Statistics Canada will release data on foreign investment in Canadian securities and Canadians’ stake in foreign securities for June at 08:30 a.m. ET.
Canada’s main stock index fell on Tuesday after an easing of tensions between North Korea and the United States hit the price of bullion, dragging down shares of gold-mining companies.
Dow Jones Industrial Average e-mini futures were up 0.23 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.23 percent and Nasdaq 100 e-mini futures were up 0.26 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here)
As the United States, Canada and Mexico kick off negotiations on Wednesday to modernize the North American Free Trade Agreement, the biggest uncertainty is whether a deal can pass President Donald Trump’s “America First” test.
ANALYST RESEARCH HIGHLIGHTS
Metro Inc: CIBC cuts target price to C$46 from C$48
Prometic Life Sciences: National Bank of Canada cuts rating to “sector perform”
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1269.4; -0.34 percent
US crude: $47.72; +0.36 percent
Brent crude: $51.08; +0.55 percent
LME 3-month copper: $6468; +1.4 percent
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 Building permits number for July: Expected 1.250 mln; Prior 1.275 mln
0830 Build permits change mm for July: Prior 9.2 pct
0830 Housing starts number mm for Jul: Expected 1.220 mln; Prior 1.215 mln
0830 House starts mm change for July: Prior 8.3 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$1.27) (Reporting by Nishit Kunal in Bengaluru)
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