(Corrects to remove reference to inflation data expectations in headline and fourth paragraph as the data is due on Friday, not Thursday)
April 20 (Reuters) - Canada's main stock index was set to open higher on Thursday as oil prices rose after leading Gulf oil producers signalled a likely extension of OPEC-led supply cuts beyond the middle of the year.
Saudi Arabia and Kuwait signalled that an effort by the Organization of the Petroleum Exporting Countries and other producers, including Russia, to cut oil output was likely to be extended beyond June. futures on the S&P TSX index SXFc1 were up 0.38 percent at 7:15 a.m. ET.
Canada's main stock index fell on Wednesday as sliding oil prices weighed on energy stocks, while solid earnings boosted Rogers Communications Inc RCIb.TO and BlackBerry Ltd BB.TO gained on a deal to get its cyber security tools in front of more potential customers. Jones Industrial Average e-mini futures 1YMc1 were up 0.17 percent at 7:15 a.m. ET, while S&P 500 e-mini futures ESc1 were up 0.25 percent and Nasdaq 100 e-mini futures NQc1 were up 0.3 percent. .N
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TOP STORIES TOP/CAN
Canadian Pacific Railway Ltd CP.TO , CP.N reported a higher-than-expected quarterly profit as it earned more from shipments of commodities such as grain and coal, and the company expressed optimism that demand was improving. activity to small Canadian businesses dipped in February, though borrowing by medium-sized firms rose for the fourth month in a row on strength in the construction sector and oil-related provinces, data showed on Thursday. RESEARCH HIGHLIGHTS RCH/CA
Canadian Pacific Railway Ltd CP.TO : RBC raises target price to C$226 from C$224
Rogers Communications Inc RCIb.TO : Barclays (LON:BARC) raises target price to C$63 from C$57
Surge Energy Inc SGY.TO : BMO raises price target to C$3.25 from C$3.00; rating "outperform"
COMMODITIES AT 7:15 a.m. ET COM/WRAP
Gold futures GCc1 : $1279.3; -0.16 percent GOL/
US crude CLc1 : $50.89; +0.89 percent O/R
Brent crude LCOc1 : $53.43; +0.94 percent O/R
LME 3-month copper CMCU3 : $5647; +1.64 percent MET/L
U.S. ECONOMIC DATA DUE ON THURSDAY
08:30 Initial jobless claims: Expected 242,000; Prior 234,000
08:30 Jobless claims 4-week average: Prior 247,250
08:30 Continued jobless claims: Expected 2.020 mln; Prior 2.028 mln
08:30 Philly Fed Business Index for Apr: Expected 25.0; Prior 32.8
08:30 Philly Fed 6M Index for Apr: Prior 59.50
08:30 Philly Fed Capex Index for Apr: Prior 34.50
08:30 Philly Fed Employment for Apr: Prior 17.50
08:30 Philly Fed Prices Paid for Apr: Prior 40.70
08:30 Philly Fed New Orders for Apr: Prior 38.60
10:00 Leading index change mm for Mar: Expected 0.2 pct; Prior 0.6 pct
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