Sept 28 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Wednesday as oil prices inched up on reports of a surprise draw in U.S. crude reserves.
Members of the Organization of the Petroleum Exporting Countries (OPEC) will hold informal talks at 10:00 a.m. ET in Algiers, but the chances of the group reaching a deal on curbing output to prop up prices appear to be slim.
December futures on the S&P TSX index were up 0.20 percent at 7:15 a.m. ET.
Energy and mining stocks dragged Canada’s main stock index lower on Tuesday, cancelling out a modest relief rally elsewhere from a perceived win for Democrat Hillary Clinton in a U.S. presidential debate.
Dow Jones Industrial Average e-mini futures were up 0.06 percent at 7:15 a.m. ET on Wednesday. S&P 500 e-mini futures were down 0.01 percent and Nasdaq 100 e-mini futures were up 0.03 percent.
Malaysia’s Petronas said it would review a proposed C$11 billion ($8.3 billion) liquefied natural gas plant in western Canada that was approved by Ottawa following a three-year wait.
BlackBerry Ltd posted a 31.8 percent fall in second-quarter revenue and said it would end all internal hardware development, including its well known smartphones.
Rogers Communications Inc remains committed to its dividend growth strategy and the failure of its Shomi video streaming joint venture has not diminished its enthusiasm to invest in new technologies, its deputy chairman said on Tuesday.
ANALYST RESEARCH HIGHLIGHTS
Element Financial Corp : Barclays resumes with “overweight”; target price C$23
Fortis Inc : CIBC raises target price to C$47 from C$44
Surge Energy Inc : CIBC raises to “sector performer” from “sector underperformer”
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,325.20; -0.06 pct
US crude : $45.41; +1.66 pct
Brent crude : $46.88; +1.94 pct
LME 3-month copper : $4,818; +0.65 pct
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 Durable goods for August: Expected -1.4 pct; Prior 4.4 pct
0830 Durables ex-transport for August: Expected -0.4 pct; Prior 1.3 pct
0830 Durables ex-defense mm for August: Expected -1.1 pct; Prior 3.7 pct
0830 Nondefense cap ex-air for August: Expected -0.2 pct; Prior 1.5 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 = C$1.32) (Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Don Sebastian)
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