March 9 (Reuters) - Canada's main stock index was set to
open higher on Wednesday after oil prices held above $40 a
barrel on speculation that the world's largest exporters could
agree this month to freeze production.
March futures on the S&P TSX index SXFc1 were up 0.47
percent at 7:40 a.m. ET.
The Bank of Canada, which meets on Wednesday, is expected to
hold interest rates at 0.50 percent as it allows the effects of
last year's two rate cuts to filter through the economy. The
bank will announce its decision at 10:00 a.m. ET ECONCA .
Canada's main stock index broke an eight session winning
streak on Tuesday as lower commodity prices and weak Chinese
data weighed on resource stocks, but financials and defensive
stocks rose and the index still held near three-month highs.
Dow Jones Industrial Average e-mini futures 1YMc1 were up
0.52 percent at 7:40 a.m. ET. S&P 500 e-mini futures Esc1 were
up 0.53 percent and Nasdaq 100 e-mini futures NQc1 were up
0.54 percent.
TOP STORIES
Billionaire investor Bill Ackman on Tuesday called embattled
drug company Valeant Pharmaceuticals (NYSE:VRX) VRX.TO a "very valuable
asset" but forecast that if the company's situation does not
stabilize soon new management will be brought in or the company
will be sold.
Oil and gas producer Crescent Point Energy Corp CPG.TO
CPG.N said it expected 2016 capital expenditure and production
to be at the lower end of its forecasts and the company slashed
its dividend.
Imperial Oil Ltd IMO.TO , Canada's No. 2 integrated oil
producer and refiner, said it agreed to sell 497 remaining
company-owned Esso retail stations to five fuel distributors for
about C$2.8 billion ($2.09 billion).
AT 7:40 a.m. ET gold futures GCc1 : $1,252.60; -0.75 pct
US crude CLc1 : $37.14; +1.73 pct
Brent crude LCOc1 : $40.38; +1.84 pct
LME 3-month copper CMCU3 : $4,915.50; +0.98 pct
ANALYST RESEARCH HIGHLIGHTS
Advantage Oil & Gas AAV.TO : National Bank Financial
resumes coverage with "outperform" rating
Atlantic Power Corp ATP.TO : RBC raises rating to "sector
perform" from "underperform"
New Gold Inc NGD.TO : Desjardins raises rating to "buy"
from "hold"
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1000 Wholesale inventories mm for Jan: Expected -0.2 pct;
Prior -0.1 pct
1000 Wholesale sales mm for Jan: Expected -0.3 pct; Prior
-0.3 pct
1100 Thomson Reuters/Ipsos Primary Consumer Sentiment Index
for Mar: Prior 55.2
($1= C$1.34)