December 4, 2019 / 12:37 PM / 11 days ago

CANADA STOCKS-TSX futures rise on higher oil prices, BoC rate decision eyed

Dec 4 (Reuters) - Canada’s main stock index futures rose on Wednesday, as oil prices gained in the run-up to meetings where OPEC and its allies are expected to extend output cuts, while investors awaited the central bank’s decision on interest rates.

The Bank of Canada, which is scheduled to announce its interest rate decision at 10:00 a.m. ET, is expected to keep interest rates unchanged at 1.75%, according to a Reuters poll of economists.

December futures on the S&P/TSX index were up 0.21% by 7:15 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 0.53 percent to 16,892.18 on Tuesday.

Dow Jones Industrial Average e-mini futures were up 0.54% at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.47% and Nasdaq 100 e-mini futures were up 0.61%.

TOP STORIES

Royal Bank of Canada missed estimates for quarterly profit on Wednesday, as equity trading weakened and also set aside more funds to cover bad loans.

National Bank of Canada’s fourth-quarter profit beat analysts’ expectations on Wednesday, helped by growth across segments.

Canadian Natural Resources Ltd said on Wednesday it expects to spend C$4.05 billion in 2020, C$250 million more than in 2019, after the Canadian province of Alberta lifted some curtailments on new oil wells last month.

ANALYST RESEARCH HIGHLIGHTS

Bank of Montreal: RBC cuts target price to C$109 from C$111

BRP Inc: Citigroup raises target price to C$73 from C$71

Gibson Energy Inc: RBC raises rating to outperform from sector perform

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1480.4; -0.08 percent

US crude: $57.02; +1.64 percent

Brent crude: $61.97; +1.89 percent

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0815 (approx.) ADP national employment for Nov: Expected 140,000; Prior 125,000

0945 Markit Composite Final PMI for Nov: Prior 51.9

0945 Markit Services PMI Final for Nov: Prior 51.6

1000 ISM Non-Manufacturing PMI for Nov: Expected 54.5; Prior 54.7

1000 ISM Non-Manufacturing Business Activity for Nov: Expected 56.1; Prior 57

1000 ISM Non-Manufacturing Employment Index for Nov: Prior 53.7

1000 ISM Non-Manufacturing New Orders Index for Nov: Prior 55.6

1000 ISM Non-Manufacturing Price Paid Index for Nov: Prior 56.6

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 Siddharth Athreya V; Editing by Amy Caren Daniel

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