July 3, 2019 / 11:26 AM / 17 days ago

CANADA STOCKS-TSX set to open higher as oil prices rebound

July 3 (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Wednesday, as oil prices rebounded after a steep fall in the previous session.

Oil prices were supported by widely-watched data, which showed a larger-than-expected drawdown in U.S. crude oil inventories, with government data due later in the day.

U.S. crude inventories fell by 5 million barrels last week to 469.5 million, compared with analysts' expectations for a decrease of 3 million barrels, industry group American Petroleum Institute (API) said.

September futures on the S&P/TSX index were up 0.34% at 7:00 a.m. ET.

Canada's trade balance data is due at 8:30 a.m. ET

The Toronto Stock Exchange's S&P/TSX rose 89.09 points, or 0.54 percent, to 16,471.29 on Tuesday.

Dow Jones Industrial Average e-mini futures were up 0.19% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.25% and Nasdaq 100 e-mini futures were up 0.35%.

TOP STORIES

Energy distributor UGI Corp said on Tuesday it would buy some assets of Columbia Midstream Group from pipeline operator TC Energy Corp for about $1.28 billion to expand its midstream business.

ANALYST RESEARCH HIGHLIGHTS

Cascades Inc: National Bank of Canada raises rating to outperform from sector perform

Dollarama Inc: National Bank of Canada raises target price to C$52 from C$49

Tervita Corp: RBC initiates coverage with sector perform rating and C$9 price target

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,428.7; +1.47%

US crude: $56.78; +0.94%

Brent crude: $63.06; +1.06%

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0730 Challenger layoffs for June: Prior 58.577

0815 ADP national employment for June: Expected 140000; Prior 27000

0830 International trade for May: Expected -$54.0 bln; Prior -$50.8 bln

0830 Goods trade balance (R) for May: Prior -$74.55 bln

0830 Initial jobless claims : Expected 223000; Prior 227000

0830 Jobless claims 4-week average : Prior 221250

0830 Continued jobless claims : Expected 1.675 mln; Prior 1.688 mln

0945 Markit Composite Final PMI for June: Prior 50.6

0945 Markit Services PMI Final for June: Prior 50.7

1000 Durables ex-defense, R mm for May: Prior -0.6%

1000 Durable goods, R mm for May: Prior -1.3%

1000 Factory orders mm for May: Expected -0.5%; Prior -0.8%

1000 Durables ex-transport R mm for May: Prior 0.3%

1000 Nondefense cap ex-air R mm for May: Prior 0.4%

1000 Factory ex-transport mm for May: Prior 0.3%

1000 ISM N-Manufacturing PMI for June: Expected 55.9; Prior 56.9

1000 ISM N-Manufacturing Business Activity for June: Expected 60; Prior 61.2

1000 ISM N-Manufacturing Employment Index for June: Prior 58.1

1000 ISM N-Manufacturing New Orders Index for June: Prior 58.6

1000 ISM N-Manufacturing Price Paid Index for June: Prior 55.4

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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