October 22, 2019 / 11:31 AM / a month ago

CANADA STOCKS-Futures higher after PM Trudeau holds onto power

October 22 (Reuters) - Canada’s main stock index futures were higher on Tuesday after Prime Minister Justin Trudeau’s Liberals were re-elected in a closely fought election.

Trudeau hung onto power after an election on Monday that saw his government reduced to a minority, but aides predicted he would be able to govern for two years without many problems.

Canadian PM’s Liberals only won 156 seats, a decrease of 21, preliminary results showed.

December futures on the S&P/TSX index were up 0.21% at 7:00 a.m. ET.

Retail sales data is due at 8:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index rose 0.25% to 16,418.45 on Monday.

Dow Jones Industrial Average e-mini futures were up 0.1% at 7:00 a.m. ET, S&P 500 e-mini futures 0.03% and Nasdaq 100 e-mini futures 0.13%.

TOP STORIES

Canada’s biggest bank, RBC, forecast more pressure for domestic oil storage and pipeline businesses on Tuesday after Prime Minister Justin Trudeau’s Liberals retained power but were stripped to a minority government that will need the support of a smaller left-leaning party to govern.

Bombardier on Monday unveiled its revamped Liberty Learjet 75 corporate plane, betting that extra legroom and a lower price tag would help the Canadian company beat back competition from Embraer SA’s market leading model.

ANALYST RESEARCH HIGHLIGHTS

Orla Mining Ltd: CIBC raises to “outperformer” from “neutral”

CCL Industries Inc: CIBC cuts target price to C$68 from C$69

Imperial Oil Ltd: Goldman Sachs cuts target price to C$37 from C$39

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1486.4; +0.15%

US crude: $53.6; +0.54%

Brent crude: $59.27; +0.53%

U.S. ECONOMIC DATA DUE ON TUESDAY

1000 Existing home sales for Sep: Expected 5.45 mln; Prior 5.49 mln

1000 Existing home sales percentage change for Sep: Expected -0.7%; Prior 1.3%

1000 Rich Fed Composite Index for Oct: Prior -9

1000 Rich Fed Services Index for Oct: Prior 6

1000 Rich Fed Manufacturing Shipments for Oct: Prior -14

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$1.31 Reporting by Nachiket Tekawade in Bengaluru; Editing by Shinjini Ganguli

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