April 29 (Reuters) - Canada’s main stock index futures rose on Wednesday as oil prices received a boost from a smaller-than-expected rise in U.S. inventories, while news of easing lockdowns from across the world also offered support.
U.S. crude inventories rose by 10 million barrels to 510 million barrels in the week to April 24, data from industry group the American Petroleum Institute showed on Tuesday, compared with analysts’ expectations for a build of 10.6 million barrels.
Gasoline stocks fell by 1.1 million barrels, compared with analyst forecasts for a 2.5 million barrel rise.
Meanwhile, investors across the world are growing confident the pandemic may be peaking as parts of the United States, Europe and Australia gradually ease restrictions.
June futures on the S&P/TSX index were up 1.1% at 7:00 a.m. ET (11:00 a.m. GMT).
The Toronto Stock Exchange’s S&P/TSX composite index ended 1.07% higher at 14,798.29 on Tuesday.
Dow Jones Industrial Average e-mini futures were up 0.73% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.92% and Nasdaq 100 e-mini futures were up 1.1%.
Cenovus Energy swung to a quarterly loss, hurt by a significant decline in global demand for crude oil caused by the coronavirus outbreak and a price war between Saudi Arabia and Russia.
Canadian retailer Loblaw Cos Ltd reported a 10.7% rise in quarterly revenue, as consumers spent more on essentials at its pharmacies and food stores amid the coronavirus-led lockdown.
China’s Zijin Mining has warned Papua New Guinea that its failure to renew the lease of a gold mine it jointly owns with Barrick Gold Corp there could damage bilateral relations.
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COMMODITIES AT 7:00 a.m. ET
Gold futures: $1718.7; -0.2%
US crude: $14.22; +15.24%
Brent crude: $21.57; +5.43%
0830 GDP advance for Q1: Expected -4.0%; Prior 2.1%
0830 GDP sales advance for Q1: Prior 3.1%
0830 GDP consumer spending advance for Q1: Prior 1.8%
0830 GDP deflator advance for Q1: Expected 1.2%; Prior 1.4%
0830 Core PCE prices advance for Q1: Expected 1.4%; Prior 1.3%
0830 PCE prices advance for Q1: Prior 1.4%
1000 Pending Homes Index for Mar: Prior 111.5
1000 Pending home sales mm for Mar: Expected -10.0%; Prior 2.4%
1400 Fed funds target rate for Apr: Expected 0-0.25%; Prior 0-0.25%
1400 Fed interest on excess reserves for Apr: Prior 0.10%
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Reporting by Nachiket Tekawade in Bengaluru; Editing by Rashmi Aich