December 12, 2018 / 12:34 PM / 3 months ago

CANADA STOCKS-Futures point to a higher start for TSX on rising oil

Dec 12 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Wednesday as oil prices rose supported by a drop in U.S. crude inventories and a cut in Libyan supplies.

U.S. crude inventories fell more than expected in the latest week, while gasoline stockpiles decreased and distillate stocks built, industry group the American Petroleum Institute said on Tuesday.

December futures on the S&P/TSX index were up 0.79 percent at 7:00 a.m. ET.

Statistics Canada is scheduled to report industrial capacity utilisation data for the third quarter at 8:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX fell 60.45 points, or 0.41 percent, to 14,667.83 on Tuesday.

Dow Jones Industrial Average e-mini futures were up 0.65 percent at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.66 percent and Nasdaq 100 e-mini futures were up 0.86 percent.

ANALYST RESEARCH HIGHLIGHTS

Just Energy Group Inc: RBC raises price target to C$5.50 from C$5

North West Company Inc: Barclays raises rating to “overweight” from “equal-weight”

Cargojet Inc: Canaccord Genuity initiates coverage with “buy” rating; C$90 price target

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1245.6; +0.23 percent

US crude: $52.6; +1.84 percent

Brent crude: $61.16; +1.59 percent

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 Core CPI mm, SA for Nov: Expected 0.2 pct; Prior 0.2 pct

0830 Core CPI yy, NSA for Nov: Expected 2.2 pct; Prior 2.1 pct

0830 CPI Index, NSA for Nov: Expected 252.055; Prior 252.885

0830 Core CPI Index, SA for Nov: Prior 258.94

0830 CPI mm, SA for Nov: Expected 0.0 pct; Prior 0.3 pct

0830 CPI yy, NSA for Nov: Expected 2.2 pct; Prior 2.5 pct

0830 Real weekly earnings mm for Nov: Expected 0.3 pct; Prior 0.1 pct

0830 CPI mm NSA for Nov: Prior 0.180 pct

0830 CPI index SA for Nov: Prior 252.83

1100 Cleveland fed CPI for Nov: Prior 0.2 pct

1100 TR IPSOS PCSI for Dec: Prior 62.72

1400 Federal budget, for Nov: Prior -$100.00 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$1.34) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Maju Samuel)

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