February 4, 2020 / 12:28 PM / 23 days ago

CANADA STOCKS-TSX futures rise as oil prices rebound

Feb 4 (Reuters) - Canada’s main stock index futures gained on Tuesday as oil prices rebounded on hopes of supply cuts from OPEC and its allies to offset any potential drop in demand due to the coronavirus outbreak.

People familiar with the matter told Reuters on Monday that OPEC and its allies are considering cutting their oil output by a further 500,000 barrels per day (bpd).

March futures on the S&P/TSX index were up 0.77% at 7:00 a.m. ET.

The Toronto Stock Exchange’s TSX index rose 0.35% to 17,379.76 on Monday.

Dow Jones Industrial Average e-mini futures were up 1.03% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 1.04% and Nasdaq 100 e-mini futures were up 1.19%.

TOP STORIES

Trade confidence among Canadian exporters fell to its lowest level in nearly a decade, Canada’s export credit agency said on Tuesday, as businesses wrestle with protectionist policies and fret about the global economy.

Canada’s Federal Court of Appeal is scheduled to rule on Tuesday whether Prime Minister Justin Trudeau’s government adequately consulted indigenous people when it approved last year an expansion of the Trans Mountain oil pipeline.

Enbridge Inc’s Line 3 pipeline replacement cleared important hurdles on Monday when a Minnesota regulator endorsed a revised environmental impact statement for the project.

ANALYST RESEARCH HIGHLIGHTS

Absolute Software Corp. Canaccord Genuity ups price target to C$10.5 from C$10

Parkland Fuel Corp. Altacorp Capital raises price target to C$53 from C$51

Superior Plus Corp. Altacorp Capital cuts price target to C$13 from C$14.50

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1571.4; -0.51 %

US crude: $50.68; +1.14 %

Brent crude: $54.66; +0.39 %

U.S. ECONOMIC DATA DUE ON TUESDAY

0945 ISM-New York Index for Jan: Prior 869.0

0945 ISM New York Business Conditions for Jan: Prior 39.1

1000 Durables ex-defense, R mm for Dec: Prior -2.5%

1000 Durable goods, R mm for Dec: Prior 2.4%

1000 Factory orders mm for Dec: Expected 1.2%; Prior -0.7%

1000 Durables ex-transport R mm for Dec: Prior -0.1%

1000 Nondefense cap ex-air R mm for Dec: Prior -0.9%

1000 Factory ex-transport mm for Dec: Prior 0.3%

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= C$1.33)

Reporting by Swathi Nair in Bengaluru; Editing by Arun Koyyur

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