Nov 14 (Reuters) - Futures for Canada’s main stock index edged up on Thursday, buoyed by gains in oil prices following a surprise drop in U.S. crude inventories and OPEC’s comment about lower-than-expected U.S. shale production in 2020.
The American Petroleum Institute reported on Wednesday an unexpected drop in U.S. crude stockpiles by 541,000 barrels in the week to Nov. 8, against analysts’ expectations of an increase of 1.6 million barrels.
Organization of the Petroleum Exporting Countries (OPEC) said there would likely be downward revisions of supply going into 2020, especially from U.S. shale.
December futures on the S&P/TSX index were up 0.08% at 7:00 a.m. ET.
New housing price index for September is due at 8:30 a.m. ET
The Toronto Stock Exchange’s S&P/TSX composite index rose 0.29% to 16,957.99 on Wednesday.
Dow Jones Industrial Average e-mini futures were down 0.07% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.1% and Nasdaq 100 e-mini futures were down 0.14%.
Canopy Growth Corp reported a bigger quarterly loss on Thursday, as the Canadian pot producer was hit by restructuring charges.
ANALYST RESEARCH HIGHLIGHTS
CAE Inc: CIBC raises price target to C$38 from C$37
Mav Beauty Brands Inc: CIBC cuts to neutral from outperformer
Loblaw Companies Ltd: CIBC raises price target to C$80 from C$77
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1467.7; +0.3%
US crude: $57.75; +1.1%
Brent crude: $63.18; +1.3%
U.S. ECONOMIC DATA DUE ON FRIDAY
0830 Initial jobless claims: Expected 215,000; Prior 211,000
0830 Jobless claims 4-week average: Prior 215,250
0830 Continued jobless claims: Expected 1.687 mln; Prior 1.689 mln
0830 PPI final demand yy for Oct: Expected 0.9%; Prior 1.4%
0830 PPI final demand mm for Oct: Expected 0.3%; Prior -0.3%
0830 PPI exfood/energy yy for Oct: Expected 1.5%; Prior 2.0%
0830 PPI ex food/energy mm for Oct: Expected 0.2%; Prior -0.3%
0830 PPI ex food/energy/transport yy for Oct: Prior 1.7%
0830 PPI ex food/energy/transport mm for Oct: Prior 0.0%
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$1= C$1.32 Reporting by Swathi Nair in Bengaluru; Editing by Shinjini Ganguli
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