March 15 (Reuters) - Futures pointed to a higher opening for Canadian stocks on Wednesday as oil prices rebounded from three-month lows, a day after the S&P/TSX composite index tumbled to its lowest this year.
March futures on the index SXFc1 were up 0.25 percent at 7:15 a.m. ET.
The rebound in oil prices was due to a surprise drawdown in U.S. inventories and the International Energy Agency's figures suggesting OPEC cuts should push the crude market into deficit in time.
The market was also weighed down on Tuesday by a 10 percent slump in Valeant Pharmaceuticals (NYSE:VRX) International Inc's VRX.TO stock, after activist investor William Ackman sold his entire stake in the struggling drugmaker. Jones Industrial Average e-mini futures 1YMc1 were up 0.16 percent at 7:15 a.m. ET, while S&P 500 e-mini futures ESc1 were up 0.21 percent and Nasdaq 100 e-mini futures NQc1 were up 0.18 percent. .N
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TOP STORIES TOP/CAN
Lending activity to small Canadian businesses edged down in January, though borrowing by larger firms accelerated, data showed on Wednesday, pointing to an economy that is still recovering from an oil price shock two years ago. Financial Corp MFC.TO has been granted a licence that will allow it to launch investment products in China through a wholly-owned local subsidiary, as Beijing further liberalises its capital markets. RESEARCH HIGHLIGHTS RCH/CA
Halogen Software Inc HGN.TO : Raymond James cuts rating to "market perform" from "outperform"
TransCanada Corp TRP.TO : GMP cuts target price to C$68 from C$70
Alimentation Couche Tard ATDb.TO : Canaccord Genuity cuts target price to C$72 from C$78
COMMODITIES AT 7:15 a.m. ET COM/WRAP
Gold futures GCc1 : $1201.9; 0 percent GOL/
US crude CLc1 : $48.65; +1.89 percent O/R
Brent crude LCOc1 : $51.78; +1.69 percent O/R
LME 3-month copper CMCU3 : $5869.5; +0.85 percent MET/L
U.S. ECONOMIC DATA DUE ON WEDNESDAY
08:30 Core CPI mm, SA for Feb: Expected 0.2 pct; Prior 0.3 pct
08:30 Core CPI yy, NSA for Feb: Expected 2.2 pct; Prior 2.3 pct
08:30 CPI Index, NSA for Feb: Expected 243.28; Prior 242.84
08:30 Core CPI Index, SA for Feb: Prior 250.78
08:30 CPI mm, SA for Feb: Expected 0.0 pct; Prior 0.6 pct
08:30 CPI yy, NSA for Feb: Expected 2.7 pct; Prior 2.5 pct
08:30 Real weekly earnings mm for Feb: Prior -0.4 pct
08:30 NY Fed Manufacturing for Mar: Expected 15.00; Prior 18.70
08:30 Retail sales ex-autos mm for Feb: Expected 0.2 pct; Prior 0.8 pct
08:30 Retail sales mm for Feb: Expected 0.1 pct; Prior 0.4 pct
08:30 Retail ex gas/autos for Feb: Prior 0.7 pct
08:30 Retail control for Feb: Expected 0.2 pct; Prior 0.4 pct
10:00 Business inventories mm for Jan: Expected 0.3 pct; Prior 0.4 pct
10:00 Retail Inventory Ex Auto (R) for Jan: Prior 0.0
10:00 NAHB Housing Market Index for Mar: Expected 65; Prior 65
12:00 Cleveland fed CPI for Feb: Prior 0.3 pct
14:00 Fed funds target rate: Expected 0.875 pct; Prior 0.625
16:00 Net L-T flows, ex swaps for Jan: Prior -12.9 bln
16:00 Foreign buying, T-bonds for Jan: Prior -21.9 bln
16:00 Overall net capital flow for Jan: Prior -42.8 bln
16:00 Net L-T flows, including swaps for Jan: Prior -29.4 bln
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$1.35)