January 29, 2020 / 12:36 PM / 19 days ago

REFILE-CANADA STOCKS-Futures up as oil gains on OPEC stance on output curbs

(Refiles for typo in second paragraph)

January 29 (Reuters) - Futures in Canada’s main stock index rose on Wednesday, as oil prices advanced on talks that OPEC could extend output curbs to counter a potential drop in demand due to China’s coronavirus outbreak.

OPEC sources said the oil cartel wants to extend production cuts until at least June from March and may deepen the reductions, should demand in China drop significantly. Separately, data showed a decline in U.S. crude oil inventories.

March futures on the S&P/TSX index were up 0.23% at 7:00 a.m. ET.

The Toronto Stock Exchange’s TSX index rose 0.33% to 17,500.88 on Tuesday.

Dow Jones Industrial Average e-mini futures were up 0.41% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.40% and Nasdaq 100 e-mini futures were up 0.55%.

TOP STORIES

Canadian National Railway Co said on Tuesday it sees crude shipments as a growth driver in the year for the country’s largest railway operator, which reported a better-than-expected fourth-quarter profit.

Restaurant Brands International Inc’s Tim Hortons said on Tuesday it has removed Beyond Meat Inc’s products from its coffee and donut shops in the Canadian provinces of Ontario and British Columbia.

Air Canada said on Tuesday it was cancelling select flights to China to better match capacity with expected demand as the spread of the new coronavirus rattles travellers.

Plant-based proteins maker Burcon NutraScience said on Tuesday it had secured C$10 million ($7.6 million) through a bought deal, just days after food giant Nestle SA teamed up with the Canadian company.

ANALYST RESEARCH HIGHLIGHTS

Altagas Ltd: National Bank of Canada raises rating to outperform from sector perform

Gibson Energy: National Bank of Canada cuts rating to sector perform from outperform

Superior Plus: National Bank of Canada cuts rating to sector perform from outperform

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1570.7; +0.06%

US crude: $53.86; +0.71%

Brent crude: $59.99; +0.81%

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 Advance goods trade balance for Dec: Prior -$62.99 bln

0830 Wholesale inventories advance for Dec: Prior -0.1%

0830 Retail inventories ex-auto advance for Dec: Prior -0.2%

1000 Pending Homes Index for Dec: Prior 108.5

1000 Pending sales change mm for Dec: Expected 0.5%; Prior 1.2%

1400 Fed funds target rate for 29 Jan: Expected 1.5-1.75%; Prior 1.5-1.75%

1400 Fed int on excess reserves for 29 Jan: Prior 1.55%

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$1.31) (Reporting by Nachiket Tekawade in Bengaluru; Editing by Arun Koyyur)

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