July 2 Canadian stocks looked set to open higher on Wednesday, tracking gains in markets around the world as increased optimism about the global economy's health boosted investor appetite.
June futures on the S&P TSX index <0#SXF:> were up 0.37 percent at 0715 ET.
June data for manufacturing PMI is due at 0930 ET.
The index hit its highest-ever close on Monday as strength in the prices of commodities such as bullion and copper helped drive up shares in the materials sector.
Dow Jones Industrial Average e-mini futures were up 0.09 percent at 0715 ET, while S&P 500 e-mini futures were up 0.08 percent. Nasdaq 100 e-mini futures were up 0.09 percent.
Canadian gold producer Timmins Gold Corp said it would nominate eight board members instead of seven as part of a settlement with its largest shareholder, Sentry Investments Inc.
Allergan Inc may take on debt to buy back its own shares as part of a multi-faceted plan to thwart a $53 billion takeover bid by Valeant Pharmaceuticals International Inc and activist investor William Ackman. Meanwhile, Ackman has hired Credit Suisse in his fight to have Valeant acquire Allergan.
Mergers and acquisitions in Canada's energy sector have rebounded from a dull 2013 and look poised for a further pickup, driven by the country's rapidly developing shale oil and gas properties rather than its better known oil sands.
COMMODITIES AT 0715 ET
Gold futures : $1,328.0; +0.11 pct
US crude : $105.11; -0.22 pct
Brent crude : $111.88; -0.37 pct
LME 3-month copper : $7013.00; -0.1 pct
ANALYST RESEARCH HIGHLIGHTS
Canadian Pacific Railway : CIBC raises to sector outperformer from sector performer
Franco-Nevada Corp : RBC raises price target to C$71 from C$64
PrairieSky Royalty : CIBC starts coverage with sector outperformer
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0815 ADP national employment for June: Expected +200,000, prior +179,000
0945 ISM-New York index for June: Prior +630.1
1000 Durables ex-def, R mm for May: Prior +0.6 pct
1000 Durable goods, R mm for May: Prior -1.0 pct
1000 Factory orders mm for May: Expected -0.3 pct, prior +0.7 pct
1000 Durables ex-transport R mm for May: Prior -0.1 pct
10:00 Nondef cap ex-air R mm for May: Prior +0.7 pct
1000 Factory ex-transport mm for May: Prior +0.5 pct
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= $1.06 Canadian) (Reporting by Mononshila Deka in Bangalore)