(Adds economic data, updates prices)
March 1 (Reuters) - Stock futures pointed to a higher start
for Canada's main stock index on Tuesday after oil prices rose
and weak manufacturing data from Europe and China strengthened
the case for more stimulus.
Oil prices rose after China's surprise monetary policy
easing on Monday stoked expectations for higher oil demand from
the world's largest commodities consumer and signs emerged that
a global supply glut was starting to deflate.
The rise and fall in oil prices have held the stock markets
globally hostage for most of this year, especially
commodities-heavy markets such as Canada's.
Statistics Canada data showed the Canadian economy slowed
substantially in the fourth quarter as exports fell and
businesses held back on investments, suggesting the country was
still hurting from low oil prices.
March futures on the S&P TSX index SXFc1 were up 0.76
percent at 8:45 a.m. ET.
Canada's main stock index rose on Monday as commodity market
gains drove resource stocks higher, while Valeant
Pharmaceuticals International VRX.TO fell on news the company
is under investigation by the U.S. Securities and Exchange
Commission.
Dow Jones Industrial Average e-mini futures 1YMc1 were up
0.60 percent at 8:45 a.m. ET. S&P 500 e-mini futures Esc1 were
up 0.65 percent and Nasdaq 100 e-mini futures NQc1 were up
0.61 percent.
TOP STORIES
Bank of Nova Scotia BNS.TO , Canada's third-largest bank,
reported a 5.1 percent rise in quarterly profit, helped by
growth in its international banking business.
Maple Leaf Foods MFI.TO reported a quarterly profit,
compared with a year-earlier loss, helped by improved margins in
its prepared meats business.
AT 8:45 a.m. ET Gold futures GCc1 : $1,243.00; +0.74 pct
US crude CLc1 : $34.21; +1.39 pct
Brent crude LCOc1 : $36.78; +0.57 pct
LME 3-month copper CMCU3 : $4,709.00; +0.30 pct
ANALYST RESEARCH HIGHLIGHTS
Acadian Timber Corp ADN.TO : CIBC starts coverage with
"sector performer" rating; target price C$20
Delphi Energy Corp DEE.TO : Raymond James cuts target price
to C$1.75 from C$1.85; rating "strong buy"
Prairiesky Royalty Ltd PSK.TO : NBF raises target price to
C$24 from C$23; rating "outperform"
U.S. ECONOMIC DATA
0855 Johnson Redbook retail sales index mm: Actual -2.4 pct;
Prior -2.3 pct
0855 Johnson Redbook retail sales index yy: Actual +0.6 pct;
prior +1.2 pct
0945 Markit Manufacturing PMI Final for Feb: Prior 51.0
1000 Construction spending mm for Jan: Expected +0.4 pct;
Prior +0.1 pct
1000 ISM Manufacturing PMI for Feb: Expected 48.5; Prior
48.2
1000 ISM Manufacturing Prices Paid Index for Feb: Expected
34.5; Prior 33.5
1000 ISM Manufacturing Employment Index for Feb: Expected
46.4; Prior 45.9
1000 ISM Manufacturing New Orders Index for Feb: Prior 51.5
1030 Texas Services Sector Outlook for Feb: Prior -10.4
1030 Dallas Fed Services Revenue Index for Feb: Prior 10.0
1330 Domestic car sales for Feb: Expected 5.50 mln; Prior
5.54 mln
1330 Domestic truck sales for Feb: Expected 8.49 mln; Prior
8.62 mln
1330 Total vehicle sales for Feb: Expected 17.68 mln; Prior
17.58 mln
1330 All car sales for Feb: Prior 7.43 mln
1330 All truck sales for Feb: Prior 10.15 mln
($1= C$1.35)