July 12, 2018 / 11:33 AM / 7 days ago

CANADA STOCKS-TSX poised to open higher as oil prices rally

July 12 (Reuters) - Futures pointed to a higher opening for Canada's main stock index on Thursday, as oil prices rise after the International Energy Agency (IEA) warned of output capacity limits.

Crude prices recovered from sharp losses in the previous session when Libya said it would resume oil exports and received a boost from the IEA, which said the world's oil supply cushion "might be stretched to the limit" due to production losses.

September futures on the S&P/TSX index were up 0.71 percent at 7:15 a.m. ET.

New housing price index numbers are due at 08:30 a.m. ET

The Toronto Stock Exchange's S&P/TSX fell 131.40 points, or 0.79 percent, to 16,417.32 on Wednesday.

Dow Jones Industrial Average e-mini futures were up 0.73 percent at 7:15 a.m. ET, while S&P 500 e-mini futures rose 0.56 percent and Nasdaq 100 e-mini futures were up 0.51 percent.

TOP STORIES

The world's oil supply cushion could be stretched to the limit due to prolonged outages, supporting prices and threatening demand growth, the International Energy Agency said.

Barrick Gold Corp lowered its full-year copper production forecast on Wednesday while increasing its cost estimates, saying the change reflected operational challenges and planned work at its Lumwana mine in Zambia.

The Canada Pension Plan Investment Board said it will invest in China's rental housing sector with local property developer Longfor Group, with an initial targeted investment of $817 million.

ANALYST RESEARCH HIGHLIGHTS

Bombardier Inc: Credit Suisse raises target price to C$7 from C$5.68

Canfor Corp: CIBC raises target price to C$37 from C$33

WSP Global Inc: BMO starts with market perform rating; C$70 target price

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1243.2; fell 0.1 percent

US crude: $70.77; rose 0.55 percent

Brent crude: $74.18; rose 1.06 percent

LME 3-month copper: $6186.5; rose 0.68 percent

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Core Consumer Price Index mm, Seasonally Adjusted for June: Expected 0.2 pct; Prior 0.2 pct

0830 Core Consumer Price Index yy, Non-seasonally adjusted for June: Expected 2.3 pct; Prior 2.2 pct

0830 Consumer Price Index Non-seasonally adjusted for June: Expected 252; Prior 251.588

0830 Core Consumer Price Index, Seasonally Adjusted for June: Prior 256.89

0830 Consumer Price Index mm, Seasonally Adjusted for June: Expected 0.2 pct; Prior 0.2 pct

0830 Consumer Price Index yy, Non-seasonally adjusted for June: Expected 2.9 pct; Prior 2.8 pct

0830 Real weekly earnings mm for June: Expected 0.2 pct; Prior 0.1 pct

0830 Initial jobless claims: Expected 225,000; Prior 231,000

0830 Jobless claims 4-week average: Prior 224,500

0830 Continued jobless claims: Expected 1.720 mln; Prior 1.739 mln

1400 Federal budget for June: Expected -$98.20 bln; Prior -$147.00 bln

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$1.32) (Reporting by Debanjan Bose in Bengaluru; Editing by Bernard Orr)

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