(Reuters) – Futures for Canada’s main stock index inched higher on Wednesday as global stock markets rallied on upbeat earnings and easing geopolitical tensions, but gains were capped as crude prices extended their fall on profit-taking.
March futures on the S&P/TSX index were up 0.7% at 06:38 a.m. ET.
Moderating tensions between the West and Russia over Ukraine and a string of upbeat earnings appeared to lift global sentiment for risk assets. [MKTS/GLOB]
Manulife Financial Corp and Sun Life Financial are expected to report earnings for the fourth quarter after markets close on Wednesday.
Additionally, Bank of Canada Governor Macklem is due to speak at the Canadian Chamber of Commerce at 1700 GMT.
The Toronto Stock Exchange’s S&P/TSX composite index ended 0.7% higher on Tuesday. [.TO]
Dow e-minis were up 186 points, or 0.53% at 06:38 a.m. ET, while S&P 500 e-minis were up 31.5 points, or 0.7%, and Nasdaq 100 e-minis were up 137.75 points, or 0.93%. [.N]
TOP STORIES [TOP/CAN]
Canada’s largest stock market operator, TMX Group, plans to launch its first cryptocurrency futures product in response to institutional investors’ desire to offset the risks of trading in the relatively new asset class, the company’s chief executive officer told Reuters.
Oil prices slipped for a third session on profit taking due to concerns of a possible rise in supplies from Iran despite industry data showing a surprise drop in U.S. oil inventories. [O/R]
Canadians say they are concerned that a political strife in the United States will undermine security and economic growth at home, according to a new poll.
ANALYST RESEARCH HIGHLIGHTS [RCH/CA]
Northland Power Inc: Atb Capital Markets cuts target price to C$50 from C$52
Prairiesky Royalty Ltd: Canaccord Genuity raises target price to C$21 from C$20
TFI International Inc: National Bank of Canada raises target price to C$160 from C$153
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,827; +0.03%[GOL/]
US crude: $88.96; -0.4% [O/R]
Brent crude: $90.39; -0.4% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1= C$1.2694)
(Reporting by Anisha Sircar in Bengaluru; Editing by Vinay Dwivedi)
