Aug 21 (Reuters) - Futures for Canada’s main stock index edged higher on Wednesday, as oil prices rose after industry data showed a larger-than-expected drop in U.S. crude inventories.
U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute showed on Tuesday.
September futures on the S&P/TSX index were up 0.47% at 7:00 a.m. ET.
Canada’s CPI inflation data for July is due at 08:30 a.m. ET.
The Toronto Stock Exchange S&P/TSX composite index fell 0.56% to 16,213.31 on Tuesday.
Dow Jones Industrial Average e-mini futures were up 0.57% at 7:00 a.m. ET, S&P 500 e-mini futures 0.46% and Nasdaq 100 e-mini futures 0.76%.
Canadian pipeline operator Pembina Pipeline Corp said it would buy smaller rival Kinder Morgan Canada in a transaction that values it at about C$2.3 billion ($1.73 billion), as deals in the country’s midstream segment heat up.
Royal Bank of Canada missed analysts’ estimates for quarterly profit as equity trading weakened and it kept aside more funds to cover bad loans.
Iamgold Corp has dismissed 325 contractors from its Rosebel gold mine in Suriname while it works to restore security after a clash between illegal miners and police, a company spokeswoman said.
ANALYST RESEARCH HIGHLIGHTS
Hydro One Ltd: RBC raises target price to C$26 from C$25
Fortis Inc: RBC raises target price to C$59 from C$56
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1502.4; -0.26%
US crude: $56.74; +1.09%
Brent crude: $60.95; +1.53%
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1000 Existing home sales for July: Expected 5.39 mln; Prior 5.27 mln
1000 Existing home sales percentage change for July: Expected 2.5%; Prior -1.7%
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Canadian markets directory ($1=C$1.33) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Shinjini Ganguli)
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