May 28 Canadian stocks looked set to open higher on Wednesday, a day after upbeat U.S. economic data boosted world stocks.
Orders for long-lasting U.S. manufactured goods rose unexpectedly in April and consumer confidence perked up in May, supporting views of a rebound in economic growth.
June futures on the S&P TSX index <0#SXF:> were up 0.10 percent at 0715 ET.
No economic data is scheduled for release on Wednesday.
The index dropped on Tuesday after weakness in prices for gold, oil and other commodities weighed on shares of natural resource producers.
Dow Jones Industrial Average futures were up 0.16 percent at 0715 ET, while S&P 500 futures rose 0.20 percent and Nasdaq 100 futures were up 0.17 percent.
Canadian drugmaker Valeant Pharmaceuticals International Inc raised the cash component of its offer for Botox-maker Allergan Inc, valuing the U.S. firm at $49.44 billion.
National Bank of Canada, the country's sixth-largest lender, said quarterly profit fell 13 percent as the year-earlier period included a C$102 million benefit.
COMMODITIES AT 0715 ET
Gold futures : $1,266.4; +0.07 pct
US crude : $104.33; +0.21 pct
Brent crude : $110.25; +0.21 pct
LME 3-month copper : $6,956.75; +0.33 pct
ANALYST RESEARCH HIGHLIGHTS
5N Plus Inc : National Bank Financial raises rating to outperform from sector perform
Parkland Fuel Corp : RBC raises rating to outperform from sector perform
Bank of Nova Scotia : CIBC, RBC raise price target on the stock
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0855 Redbook mm: Prior +1.0 pct
0855 Redbook yy: Prior +3.9 pct
1030 Texas Service Sector Outlook: Prior +11.3
1030 Dallas Fed Services Reve for May: Prior +18.5
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= $1.09 Canadian) (Reporting by Mononshila Deka in Bangalore; Editing by Kirti Pandey)