September 24 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Monday as crude oil prices surged to a four-year high after OPEC rebuffed calls by U.S. President Donald Trump for action to raise global supply.
OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on Sunday ruled out any immediate extra increase in output.
September futures on the S&P/TSX index were up 0.1 percent at 7:05 a.m. ET.
Canada’s wholesale trade data for July is due at 8:30 a.m. ET
The Toronto Stock Exchange’s S&P/TSX rose 10.25 points, or 0.06 percent, to 16,225 on Friday.
Dow Jones Industrial Average e-mini futures were down 0.12 percent at 7:05 a.m. ET, while S&P 500 e-mini futures were down 0.14 percent and Nasdaq 100 e-mini futures were down 0.37 percent.
Canada’s Barrick Gold has agreed to buy Randgold Resources Ltd in a $18.3 billion share deal to create the world’s largest gold company by value and output in an industry under investor pressure to put capital to good use.
Canadian food retailer Empire Co Ltd said it would acquire privately held grocer Farm Boy Inc for an enterprise value of C$800 million to increase its presence in Ontario.
U.S. and Canadian officials trying to reach a deal on NAFTA are “very likely” to hold informal talks on the sidelines of a major U.N. meeting in the next few days, Canadian Prime Minister Justin Trudeau said on Sunday.
ANALYST RESEARCH HIGHLIGHTS
Gluskin Sheff + Associates Inc: TD Securities cuts price target to C$16 from C$18
COMMODITIES AT 7:05 a.m. ET
Gold futures: $1,199.1; +0.21 pct
US crude: $71.92; +1.61 pct
Brent crude: $80.61; +2.30 pct
U.S. ECONOMIC DATA DUE ON MONDAY
0830 National Activity Index for Aug: Prior 0.13
1030 Dallas Fed Manufacturing Business Index for Sep: Prior 30.9
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Reuters global stocks poll for Canada
Canadian markets directory ($1 = C$1.29) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Sriraj Kalluvila)
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