Oil prices support TSX future
TORONTO: Canada’s main stock index was set to open higher on Thursday as oil prices rose after leading Gulf oil producers signalled a likely extension of OPEC-led supply cuts beyond the middle of the year.
Saudi Arabia and Kuwait signalled that an effort by the Organization of the Petroleum Exporting Countries and other producers, including Russia, to cut oil output was likely to be extended beyond June.
June futures on the S&P TSX index were up 0.38 percent at 7:15 a.m. ET.
Investors will look forward to the country’s annual inflation rate, which is likely to have slipped to 1.8 percent in March from 2 percent in February. Statistics Canada is scheduled to report inflation numbers at 8:30 a.m. ET.
Canada’s main stock index fell on Wednesday as sliding oil prices weighed on energy stocks, while solid earnings boosted Rogers Communications Inc and BlackBerry Ltd gained on a deal to get its cyber security tools in front of more potential customers.
Dow Jones Industrial Average e-mini futures were up 0.17 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.25 percent and Nasdaq 100 e-mini futures were up 0.3 percent.
Canadian Pacific Railway Ltd, reported a higher-than-expected quarterly profit as it earned more from shipments of commodities such as grain and coal, and the company expressed optimism that demand was improving.
Lending activity to small Canadian businesses dipped in February, though borrowing by medium-sized firms rose for the fourth month in a row on strength in the construction sector and oil-related provinces, data showed on Thursday.—Reuters
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