Aug 25 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Friday tracking gains in oil prices, which rose on concerns that Hurricane Harvey could disrupt U.S. oil supplies.
The hurricane, which may become the biggest storm to hit the U.S. mainland in more than a decade, is forecast to make landfall late Friday or early Saturday between Corpus Christi and Houston - both important oil refining centres.
U.S. light crude CLc1, also known as West Texas Intermediate or WTI, was up 30 cents at $47.73 a barrel by 1015 GMT. Brent crude LCOc1 was 30 cents higher at $52.34.
September futures on the S&P TSX index were up 0.26 percent at 7:15 a.m. ET.
Canada’s benchmark stock index inched higher on Thursday, boosted by a sharp jump in Fairfax Financial Holdings Ltd after it sold a Singapore insurer, while Canadian Imperial Bank of Commerce fell after it reported a rise in quarterly net income.
Dow Jones Industrial Average e-mini futures were up 0.17 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.24 percent and Nasdaq 100 e-mini futures were up 0.3 percent.
The sharp reversal in Toronto’s home prices has thrown Canada’s biggest property market into chaos, with scores of buyers suddenly short of money and desperate to get out of deals that looked good just a few months ago.
Labor unions Unifor and the United Auto Workers said they will meet Canada’s Minister of Foreign Affairs Chrystia Freeland to discuss plans about the next round of North American Free Trade Agreement renegotiations in Mexico.
ANALYST RESEARCH HIGHLIGHTS
Canadian Imperial Bank Of Commerce: Canaccord Genuity cuts price target to C$116 from C$117 ; rating “buy”
Corby Spirit and Wine Ltd: PI Financial cuts target price to C$24 from C$25.5
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1287.5; +0.08 percent
US crude: $47.71; +0.59 percent
Brent crude: $52.4; +0.69 percent
LME 3-month copper: $6728; +0.6 percent
U.S. ECONOMIC DATA DUE ON FRIDAY
0830 Durable goods for July: Expected -6.0 pct; Prior 6.4 pct
0830 Durables ex-transport for July: Expected 0.4 pct; Prior 0.1 pct
0830 Durables ex-defense mm for July: Prior 6.6 pct
0830 Nondefense cap ex-air for July: Expected 0.3 pct; Prior 0.0 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$1.25) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Arun Koyyur)
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