US Markets

TSX futures edge up as oil prices gain

Credit: REUTERS/CHRIS HELGREN

Canada's main stock index futures rose on Wednesday, helped by gains in oil prices due to a sharp drop in U.S. crude inventories.

July 15 (Reuters) - Canada's main stock index futures rose on Wednesday, helped by gains in oil prices due to a sharp drop in U.S. crude inventories. U.S. crude inventories fell by 8.3 million barrels in the week to July 10, compared with analysts' expectations for a decline of 2.1 million barrels, according to data from industry group the American Petroleum Institute.

September futures on the S&P/TSX index SXFc1 were up 0.63% at 7:00 a.m. ET.

Data for Canada's Manufacturing sales for the month of May is due at 8:30 a.m. ET and Bank of Canada's rate decision is expected at 10.00 a.m. ET.

On Tuesday, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended 1.72% higher at 15,908.45

Dow Jones Industrial Average e-mini futures 1YMc1 were up 1.32% at 7:00 a.m. ET, while S&P 500 e-mini futures ESc1 were up 1.13% and Nasdaq 100 e-mini futures NQc1 were up 0.76%. .N

TOP STORIES TOP/CAN

Canada on Tuesday said it would make it easier for foreign students to study online from abroad and to qualify for a work permit after graduation amid strict border closures to curb the spread of COVID-19.

Elanco Animal Health Inc ELAN.N has decided against acquiring Bayer AG's Canadian distribution rights to several poultry insecticides, Canada's Competition Bureau said on Tuesday, as it looks to complete a $7.6-billion deal.

The Canadian dollar weakened to a two-week low against its U.S. counterpart on Tuesday as the prospect of travel restrictions between Canada and the United States being extended threatened to heap additional pressure on Canada's economy.

ANALYST RESEARCH HIGHLIGHTS RCH/CA

Hudbay Minerals Inc HBM.TO: CIBC raises target price to C$5 from C$3.5 Ivanhoe Mines Ltd IVN.TO: CIBC raises target price to C$4.5 from C$2.8

COMMODITIES AT 7:00 a.m. ET

Gold futures GCc2: $1,809.4; -0.22% GOL/

US crude CLc1: $40.84; +1.37% O/R

Brent crude LCOc1: $43.4; +1.17% O/R

U.S. ECONOMIC DATA DUE ON WEDNESDAY

08.30 NY Fed Manufacturing for Jul: Expected 10.0; Prior -0.20

08.30 Import prices mm for Jun: Expected 1.0%; Prior 1.0%

08.30 Export prices mm for Jun: Expected 0.8%; Prior 0.5%

08.30 Import prices yy for Jun: Prior -6.0%

09.15 Industrial production mm for Jun: Expected 4.3%; Prior 1.4%

09.15 Capacity utilization SA for Jun: Expected 67.7%; Prior 64.8%

09.15 Manufacturing output mm for Jun: Expected 5.6%; Prior 3.8%

09.15 Industrial production YoY for Jun: Prior -15.27%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report .TO

Canadian dollar and bonds report CAD/CA/

Reuters global stocks poll for Canada EQUITYPOLL1, EPOLL/CA

Canadian markets directory CANADA

($1= C$1.36)

(Reporting by Shivani Kumaresan in Bengaluru; Editing by Shinjini Ganguli)

((Shivani.Kumaresan@thomsonreuters.com; +1 646 223 8780;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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