(Reuters) - Canada’s main stock index futures rose on Wednesday, helped by gains in oil prices due to a sharp drop in U.S. crude inventories.U.S. crude inventories fell by 8.3 million barrels in the week to July 10, compared with analysts’ expectations for a decline of 2.1 million barrels, according to data from industry group the American Petroleum Institute.
September futures on the S&P/TSX index were up 0.63% at 7:00 a.m. ET.
Data for Canada’s Manufacturing sales for the month of May is due at 8:30 a.m. ET and Bank of Canada’s rate decision is expected at 10.00 a.m. ET.
On Tuesday, the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended 1.72% higher at 15,908.45
Dow Jones Industrial Average e-mini futures were up 1.32% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 1.13% and Nasdaq 100 e-mini futures were up 0.76%. [.N]
TOP STORIES [TOP/CAN]
Canada on Tuesday said it would make it easier for foreign students to study online from abroad and to qualify for a work permit after graduation amid strict border closures to curb the spread of COVID-19.
Elanco Animal Health Inc has decided against acquiring Bayer AG’s Canadian distribution rights to several poultry insecticides, Canada’s Competition Bureau said on Tuesday, as it looks to complete a $7.6-billion deal.
The Canadian dollar weakened to a two-week low against its U.S. counterpart on Tuesday as the prospect of travel restrictions between Canada and the United States being extended threatened to heap additional pressure on Canada’s economy.
ANALYST RESEARCH HIGHLIGHTS
Hudbay Minerals Inc: CIBC raises target price to C$5 from C$3.5Ivanhoe Mines Ltd: CIBC raises target price to C$4.5 from C$2.8
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,809.4; -0.22%
US crude: $40.84; +1.37%
Brent crude: $43.4; +1.17%
U.S. ECONOMIC DATA DUE ON WEDNESDAY
08.30 NY Fed Manufacturing for Jul: Expected 10.0; Prior -0.20
08.30 Import prices mm for Jun: Expected 1.0%; Prior 1.0%
08.30 Export prices mm for Jun: Expected 0.8%; Prior 0.5%
08.30 Import prices yy for Jun: Prior -6.0%
09.15 Industrial production mm for Jun: Expected 4.3%; Prior 1.4%
09.15 Capacity utilization SA for Jun: Expected 67.7%; Prior 64.8%
09.15 Manufacturing output mm for Jun: Expected 5.6%; Prior 3.8%
09.15 Industrial production YoY for Jun: Prior -15.27%
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Reporting by Shivani Kumaresan in Bengaluru; Editing by Shinjini Ganguli
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