March 4, 2020 / 12:28 PM / 3 months ago

CANADA STOCKS-Futures rise on higher oil prices; BoC rate decision awaited

March 4 (Reuters) - Canada’s main stock index futures rose on Wednesday as oil prices gained on hopes that major producers were close to an agreement for deeper output cuts to stem the decline in demand due to the coronavirus outbreak.

Investors will also await the Canadian central bank’s decision on interest rates, which is scheduled at 10:00 a.m. ET.

March futures on the S&P/TSX index were up 1.6% at 7:00 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX index ended 1.78% lower at 16,423.62 on Tuesday.

Dow Jones Industrial Average e-mini futures were up 2.62% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 2.38% and Nasdaq 100 e-mini futures were up 2.42%.

TOP STORIES

Canadian National Railway Co lost capacity equivalent to 10,000 carloads, or 1 million tonnes of grain exports, in February due to rail blockades by protesters opposed to a pipeline project, Chief Executive Jean-Jacques Ruest said on Tuesday.

ANALYST RESEARCH HIGHLIGHTS

Cenovus Energy Inc: JPMorgan cuts rating to neutral from overweight

Pinnacle Renewable Energy Inc: CIBC cuts target price to C$10 from C$11

Winpak Ltd: CIBC cuts target price to C$49 from C$55

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1646.3; +0.12 percent

US crude: $47.97; +1.67 percent

Brent crude: $52.67; +1.56 percent

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0815 (approx.) ADP national employment for Feb: Expected 170,000; Prior 291,000

0945 Markit Composite Final PMI for Feb: Prior 49.6

0945 Markit Services PMI Final for Feb: Prior 49.4

1000 ISM N-Manufacturing PMI for Feb: Expected 54.9; Prior 55.5

1000 ISM N-Manufacturing Business Activity for Feb: Expected 58.8; Prior 60.9

1000 ISM N-Manufacturing Employment Index for Feb: Prior 53.1

1000 ISM N-Manufacturing New Orders Index for Feb: Prior 56.2

1000 ISM N-Manufacturing Price Paid Index for Feb: Prior 55.5

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$1.33)

Reporting by Siddharth Athreya V in Bengaluru

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