May 2 Stock futures pointed to a flat opening
for Canada's main stock index on Tuesday ahead of the U.S.
Federal Reserve's meeting even as oil prices surged on hopes
that major OPEC exporters would extend output cuts into the
second half of the year.
Benchmark Brent crude was up 1.07 percent at $52.07 a barrel
by 0715 GMT and U.S. light crude rose 0.8 percent at $49.23 per
The Fed begins its two-day meeting later on Tuesday and is
widely expected to stand pat on interest rates.
June futures on the S&P TSX index were nearly flat
at 7:15 a.m. ET.
Canada's main stock index dipped marginally on Monday,
pulled lower in part by acquisition news from Pembina Pipeline
Corp and broad declines among mining companies.
Dow Jones Industrial Average e-mini futures were
down 0.07 percent at 7:15 a.m. ET, while S&P 500 e-mini futures
were down 0.05 percent and Nasdaq 100 e-mini futures
were up 0.06 percent.
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Encana Corp, Canada's No. 2 oil and natural gas
producer, reported a better-than-expected operating profit for
the first quarter on Tuesday, helped by a rise in oil and gas
Canada's WestJet Airlines Ltd on Tuesday reported a
45 percent fall in quarterly profit, as higher fuel costs
Sumitomo Corp said on Tuesday it and Korea
Resources Corp (Kores) will get a larger stake in the Ambatovy
nickel project in Madagascar, as part of a debt restructuring
deal with partner Sherritt International Corp.
ANALYST RESEARCH HIGHLIGHTS
Finning International: Canaccord Genuity raises
rating to "buy" from "hold".
Sleep Country Canada: National Bank of Canada
starts coverage with "outperform" rating.
Genworth MI Canada: National Bank of Canada resumes
coverage with "sector perform" rating.
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,256.3; +0.1 pct
US crude: $52.07; +1.07 pct
Brent crude: $49.23; +0.8 pct
LME 3-month copper: $5,771.00; +0.6 pct
U.S. ECONOMIC DATA DUE ON TUESDAY
0945 ISM-New York Index for Apr: Prior 735.1
0945 ISM NY Business Conditions for Apr: Prior 56.5
1530 Domestic car sales for Apr: Expected 4.70 mln; Prior
1530 Total vehicle sales for Apr: Expected 17.20 mln; Prior
1530 Domestic truck sales for Apr: Expected 8.60 mln; Prior
1530 All car sales for Apr: Prior 6.32 mln
1530 All truck sales for Apr: Prior 10.30 mln
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory
(Reporting by Astha Rawat in Bengaluru; Editing by Saumyadeb