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CANADA STOCKS-TSX futures edge up ahead of central bank's economic report
September 27, 2017 / 11:33 AM / a month ago

CANADA STOCKS-TSX futures edge up ahead of central bank's economic report

Sept 27 (Reuters) - Canada’s main stock exchange futures inched higher on Wednesday ahead of the Bank of Canada’s economic progress report and as the United States prepares to outline a new tax plan.

Bank of Canada Governor Stephen Poloz will also hold a press conference at 12:00 p.m. ET (1600 GMT), his first since two back-to-back rate hikes, and investors will be looking for clues as to how aggressively the central bank may tighten from here.

Across the border, President Donald Trump will call for slashing tax rates on businesses and the wealthy as part of the new plan, which, if passed, would be his first significant legislative win since taking office in January.

December futures on the S&P TSX index were up 0.07 percent at 7:15 a.m. ET.

Dow Jones Industrial Average e-mini futures were up 0.06 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.14 percent and Nasdaq 100 e-mini futures were up 0.2 percent.

Canada’s main stock index retreated broadly on Tuesday from its highest close in four months in the previous session, as cooling commodity prices weighed on mining and oil stocks.

(Morning News Call newsletter here ; The Day Ahead newsletter here)

TOP STORIES

Britain is bitterly disappointed by a U.S. decision to slap duties on a Boeing competitor’s jets, Prime Minister Theresa May said, promising to fight for thousands of jobs in Northern Ireland that the ruling puts at risk.

Frontera Energy Corp is seeking to declare force majeure due to protests by Amazonian tribes in Peru that have halted its operations in the country’s biggest oil block, Peru’s energy regulator Perupetro said Tuesday.

The United States on Tuesday unveiled draft text on labor standards during the negotiations on modernizing the North American Free Trade Agreement as top officials from Canada, the United States and Mexico joined talks in Ottawa.

ANALYST RESEARCH HIGHLIGHTS

Freshii Inc: RBC cuts target price to C$8 from C$12

Gran Tierra Energy Inc: Eight Capital cuts target price to C$5.25 from C$6.50

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1,292.3; -0.72 pct

US crude: $51.95; +0.13 percent

Brent crude: $58.19; -0.43 percent

LME 3-month copper: $6488; +1.17 percent

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 Build permits r number mm for Aug: Prior 1.3 mln

0830 Build permits r change mm for Aug: Prior 5.7 pct

0830 Durable goods for Aug: Expected 1.0 pct; Prior -6.8 pct

0830 Durables ex-transport for Aug: Expected 0.2 pct; Prior 0.6 pct

0830 Durables ex-defense mm for Aug: Prior -7.8 pct

0830 Nondefe cap ex-air for Aug: Expected 0.3 pct; Prior 1.0 pct

1000 Pending Homes Index for Aug: Prior 109.1

1000 Pending sales change mm Aug: Expected -0.5 pct; Prior -0.8 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$1.24) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Savio D‘Souza)

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