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TSX futures gain on firmer oil prices

Credit: REUTERS/CHRIS HELGREN

Futures for Canada's main stock index rose on Wednesday as oil prices firmed up after data showed a big drop in U.S. crude stockpile.

Aug 05 (Reuters) - Futures for Canada's main stock index rose on Wednesday as oil prices firmed up after data showed a big drop in U.S. crude stockpile.

U.S. crude inventories fell 8.6 million barrels to 520 million barrels in the week to Aug. 1, compared with analysts' expectations for a 3 million barrel drop, the American Petroleum Institute found.

September futures on the S&P/TSX index SXFc1 were up 0.51% at 7:00 a.m. ET.

Canada's trade data for June is due at 08:30 a.m. ET

On Tuesday, Toronto Stock Exchange S&P/TSX composite index .GSPTSE closed 1.23% lower at 16,368.03.

Dow Jones Industrial Average e-mini futures 1YMc1 were up 0.71% at 7:00 a.m. ET, while S&P 500 e-mini futures ESc1 were up 0.54% and Nasdaq 100 e-mini futures NQc1 were up 0.32%. .N

TOP STORIES TOP/CAN

Thomson Reuters Corp TRI.TO, TRI.N reported slightly lower revenue and an 18% fall in operating profit for the second quarter on Wednesday, and reaffirmed its forecast for the rest of 2020.

ANALYST RESEARCH HIGHLIGHTS RCH/CA

Exchange Income Corp EIF.TO: CIBC raises target price to C$30 from C$27

Gibson Energy Inc GEI.TO: Credit Suisse raises price target to C$24 from C$22

Information Services Corp ISV.TO: CIBC raises target price to C$20 from C$15.5

COMMODITIES AT 7:00 a.m. ET

Gold futures GCc2: $2038.9988; +1.03% GOL/

US crude CLc1: $42.86; +2.78% O/R

Brent crude LCOc1: $45.58; +2.59% O/R

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0815 ADP national employment for Jul: Expected 1,500,000; Prior 2,369,000

0830 International trade for Jun: Expected -$50.1 bln; Prior -$54.6 bln

0830 Goods trade balance (R) for Jun: Prior -70.64 bln

0945 Markit Composite Final PMI for Jul: Prior 50.0

0945 Markit Services PMI Final for Jul: Prior 49.6

1000 ISM N-Manufacturing PMI for Jul: Expected 55.0; Prior 57.1

1000 ISM N-Manufacturing Business Activity for Jul: Expected 60.0; Prior 66.0

1000 ISM N-Manufacturing Employment Index for Jul: Prior 43.1

1000 ISM N-Manufacturing New Orders Index for Jul: Prior 61.6

1000 ISM N-Manufacturing Price Paid Index for Jul: Prior 62.4

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$1.32)

(Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)

((Amal.S@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 6749 3677;))

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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