March 10, 2017 / 12:50 PM / in 9 months

CANADA STOCKS-Futures gain as oil rebounds from sharp losses

March 10 (Reuters) - Canadian stock futures were higher on Friday as oil prices pulled back after dropping to their lowest in more than three months, pressured by record U.S. crude inventories.

March futures on the S&P TSX index were up 0.11 percent at 7:15 a.m. ET.

Canadian employment data is due at 8:30 a.m. ET. Investors will also keep a watch on the monthly U.S. nonfarm payrolls report, which is due at the same time.

Canada’s main stock index ended flat on Thursday as a rebound in energy stocks, led by Canadian Natural Resources , offset losses for the financial sector.

Dow Jones Industrial Average e-mini futures were up 0.31 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.35 percent and Nasdaq 100 e-mini futures were up 0.30 percent.

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TOP STORIES

Canadian Prime Minister Justin Trudeau on Thursday repeated his opposition to a U.S. proposal for an import tax, telling energy executives gathered in Houston a levy would hurt both economies.

The exodus of international players from Canada’s costly oil sands is raising fresh doubt over future development prospects for the world’s third-largest crude reserves as the region struggles to compete with cheap U.S. shale plays.

ANALYST RESEARCH HIGHLIGHTS

Arizona Mining: Canaccord Genuity initiates coverage with “speculative buy” rating

Descartes Systems Group: Barclays raises target price to C$35 from C$34

Dorel Industries Inc: National Bank Financial cuts target price to C$33 from C$36

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1,196.2; -0.52 pct

US crude: $49.57; +0.59 pct

Brent crude: $52.43; +0.46 pct

LME 3-month copper: $5,722.50; +0.57 pct

U.S. ECONOMIC DATA DUE ON FRIDAY

08:30 Non-farm payrolls for Feb: Expected 190,000; Prior 227,000

08:30 Private payrolls for Feb: Expected 193,000; Prior 237,000

08:30 Manufacturing payrolls for Feb: Expected 10,000; Prior 5,000

08:30 Government payrolls for Feb: Prior -10,000

08:30 Unemployment rate for Feb: Expected 4.7 pct; Prior 4.8 pct

08:30 Average earnings mm for Feb: Expected 0.3 pct; Prior 0.1 pct

08:30 Average workweek hours for Feb: Expected 34.4 hrs; Prior 34.4 hrs

08:30 Labor force participation for Feb: Prior 62.9 pct

08:30 U6 underemployment for Feb: Prior 9.4 pct

10:30 ECRI Weekly Index: Prior 145.4

10:30 ECRI weekly annualized: Prior 10.2 pct

14:00 Federal budget for Feb: Prior $51.0 bln

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$1.35) (Reporting by Riniki Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty)

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