(Reuters) – Canada’s benchmark stock index was set for a higher open on Wednesday, supported by higher crude oil prices amid easing worries of turmoil in the global banking sector.
March futures on the S&P/TSX index were up 0.8% at 7:12 a.m. ET.
Oil prices rose for a third straight session as a halt in some exports from Iraqi Kurdistan raised concerns of tightening supply. [O/R]
Among stocks, brokerage Credit Suisse upgraded its rating on oil transportation firm Enbridge Inc to “neutral” from “underperform”.
Finance Minister Chrystia Freeland on Tuesday presented a budget in parliament that was aimed at attracting investment in the low-carbon economy and also included a “grocery rebate” for 11 million low-income Canadians.
In the previous session, the Toronto Stock Exchange’s S&P/TSX composite index ended 0.2% higher, led by gains in energy and materials sectors. [.TO]
Dow e-minis were up 227 points, or 0.7%, at 7:12 a.m. ET, while S&P 500 e-minis were up 32.5 points, or 0.81%, and Nasdaq 100 e-minis were up 101.5 points, or 0.8%. [.N]
COMMODITIES AT 7:12 a.m. ET
Gold futures: $1,969.4; -0.2% [GOL/]
US crude: $74; +1.1% [O/R]
Brent crude: $79.36; +1% [O/R]
U.S. DATA DUE ON WEDNESDAY
Feb pending home sales data due at 10 a.m. ET
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1 = 1.3597 Canadian dollars)
(Reporting by Johann M Cherian in Bengaluru; Editing by Shweta Agarwal)
