TSX futures rise on higher oil prices

February 13, 2019

(Reuters) – Futures for Canada’s main index rose on Wednesday, helped by gains in oil prices.

March futures on the S&P/TSX index were up 0.28 percent at 7:05 a.m. ET.

Brent crude prices rose after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, while U.S. futures gained on a decline in oil inventories.

The Toronto Stock Exchange’s S&P/TSX closed higher 73.25 points, or 0.47 percent, to 15,642.10 on Tuesday.

Dow Jones Industrial Average e-mini futures were up 0.32 percent at 7:08 a.m. ET, while S&P 500 e-mini futures edged up 0.27 percent and Nasdaq 100 e-mini futures were up 0.48 percent. [.N]

TOP STORIES [TOP/CAN]

Barrick Gold Corp, the world’s largest publicly traded gold producer, said on Wednesday its quarterly loss widened, partly due to an impairment charge and rise in production costs.

Canada’s Teck Resources Ltd, the world’s second-biggest exporter of steel-making coal, posted a lower-than-expected quarterly profit on Wednesday, hurt by weak prices for heavy crude and base metals.

Oil sands producer Cenovus Energy Inc posted a wider quarterly loss on Wednesday, but said the impact of output cuts will be more than offset by an improvement in Canadian crude prices this year.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

DHX Media Ltd: CIBC cuts price target to C$2.25 from C$2.50.

Pinnacle Renewable Energy Inc: CIBC cuts price target to C$14 from C$17.

Sandstorm Gold: RBC raises price target to C$8.5 from C$7.5.

COMMODITIES AT 7:08 a.m. ET [COM/WRAP]

Gold futures: $1,311.6; rose 0.02 percent [GOL/]

US crude: $53.77; rose 1.26 percent [O/R]

Brent crude: $63.39; rose 1.55 percent [O/R]

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 Core CPI mm, SA for Jan: Expected 0.2 pct; Prior 0.2 pct

0830 Core CPI yy, NSA for Jan: Expected 2.1 pct; Prior 2.2 pct

0830 CPI Index, NSA for Jan: Expected 251.515; Prior 251.233

0830 Core CPI Index, SA for Jan: Prior 260.03

0830 CPI mm, SA for Jan: Expected 0.1 pct; Prior -0.1 pct

0830 CPI yy, NSA for Jan: Expected 1.5 pct; Prior 1.9 pct

0830 Real weekly earnings mm for Jan: Prior 0.7 pct

0830 CPI mm NSA for Jan: Prior -0.320 pct

0830 CPI Index SA for Jan: Prior 253.730

1100 Cleveland fed CPI for Jan: Prior 0.2 pct

1400 Federal budget for Dec: Expected -$11.00 bln; Prior -$205.00 bln

(Reporting by Sourav Bose in Bengaluru; Editing by James Emmanuel)

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