Aug 21 (Reuters) - Futures for Canada's main stock index edged higher on Wednesday, as oil prices rose after industry data showed a larger-than-expected drop in U.S. crude inventories.
U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute showed on Tuesday. API/S
September futures on the S&P/TSX index SXFc1 were up 0.47% at 7:00 a.m. ET.
Canada's CPI inflation data for July is due at 08:30 a.m. ET.
The Toronto Stock Exchange S&P/TSX composite index .GSPTSE fell 0.56% to 16,213.31 on Tuesday. Jones Industrial Average e-mini futures 1YMc1 were up 0.57% at 7:00 a.m. ET, S&P 500 e-mini futures ESc1 0.46% and Nasdaq 100 e-mini futures NQc1 0.76%. .N
TOP STORIES TOP/CAN
Canadian pipeline operator Pembina Pipeline Corp PPL.TO said it would buy smaller rival Kinder Morgan (NYSE:KMI) Canada KML.TO in a transaction that values it at about C$2.3 billion ($1.73 billion), as deals in the country's midstream segment heat up. Bank of Canada RY.TO missed analysts' estimates for quarterly profit as equity trading weakened and it kept aside more funds to cover bad loans. Corp IMG.TO has dismissed 325 contractors from its Rosebel gold mine in Suriname while it works to restore security after a clash between illegal miners and police, a company spokeswoman said. RESEARCH HIGHLIGHTS RCH/CA
Hydro One Ltd H.TO : RBC raises target price to C$26 from C$25
Fortis Inc FTS.TO : RBC raises target price to C$59 from C$56
COMMODITIES AT 7:00 a.m. ET COM/WRAP
Gold futures GCc2 : $1502.4; -0.26% GOL/
US crude CLc1 : $56.74; +1.09% O/R
Brent crude LCOc1 : $60.95; +1.53% O/R
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1000 Existing home sales for July: Expected 5.39 mln; Prior 5.27 mln
1000 Existing home sales percentage change for July: Expected 2.5%; Prior -1.7%
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