May 2 (Reuters) - Stock futures pointed to a flat opening for Canada's main stock index on Tuesday ahead of the U.S. Federal Reserve's meeting even as oil prices surged on hopes that major OPEC exporters would extend output cuts into the second half of the year.
Benchmark Brent crude was up 1.07 percent at $52.07 a barrel by 0715 GMT and U.S. light crude rose 0.8 percent at $49.23 per barrel. O/R
The Fed begins its two-day meeting later on Tuesday and is widely expected to stand pat on interest rates.
June futures on the S&P TSX index SXFc1 were nearly flat at 7:15 a.m. ET.
Canada's main stock index dipped marginally on Monday, pulled lower in part by acquisition news from Pembina Pipeline Corp PPL.TO and broad declines among mining companies. Jones Industrial Average e-mini futures 1YMc1 were down 0.07 percent at 7:15 a.m. ET, while S&P 500 e-mini futures ESc1 were down 0.05 percent and Nasdaq 100 e-mini futures NQc1 were up 0.06 percent. .N
(Morning News Call newsletter http://share.thomsonreuters.com/assets/newsletters/Morning_News_Call/MNC_US.pdf ; The Day Ahead newsletter http://share.thomsonreuters.com/assets/newsletters/The_Day_Ahead/TDA_NAM.pdf)
TOP STORIES TOP/CAN
Encana Corp ECA.TO , Canada's No. 2 oil and natural gas producer, reported a better-than-expected operating profit for the first quarter on Tuesday, helped by a rise in oil and gas prices. WestJet Airlines Ltd WJA.TO on Tuesday reported a 45 percent fall in quarterly profit, as higher fuel costs squeezed margins. Corp 8053.T said on Tuesday it and Korea Resources Corp (Kores) will get a larger stake in the Ambatovy nickel project in Madagascar, as part of a debt restructuring deal with partner Sherritt International Corp S.TO . RESEARCH HIGHLIGHTS RCH/CA
Finning International FTT.TO : Canaccord Genuity raises rating to "buy" from "hold".
Sleep Country Canada ZZZ.TO : National Bank of Canada starts coverage with "outperform" rating.
Genworth MI Canada MIC.TO : National Bank of Canada resumes coverage with "sector perform" rating.
COMMODITIES AT 7:15 a.m. ET COM/WRAP
Gold futures GCc2 : $1,256.3; +0.1 pct GOL/
US crude CLc1 : $52.07; +1.07 pct O/R
Brent crude LCOc1 : $49.23; +0.8 pct O/R
LME 3-month copper CMCU3 : $5,771.00; +0.6 pct MET/L
U.S. ECONOMIC DATA DUE ON TUESDAY
0945 ISM-New York Index for Apr: Prior 735.1
0945 ISM NY Business Conditions for Apr: Prior 56.5
1530 Domestic car sales for Apr: Expected 4.70 mln; Prior 4.59 mln
1530 Total vehicle sales for Apr: Expected 17.20 mln; Prior 16.62 mln
1530 Domestic truck sales for Apr: Expected 8.60 mln; Prior 8.65 mln
1530 All car sales for Apr: Prior 6.32 mln
1530 All truck sales for Apr: Prior 10.30 mln
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$1.37)