February 10, 2017 / 12:37 PM / 10 months ago

CANADA STOCKS-TSX futures indicate a higher start

Feb 10 (Reuters) - Futures on Canada’s main stock index were higher on Friday on strengthening oil prices and hopes of business-friendly tax cuts in the United States.

President Donald Trump said on Thursday that in coming weeks he would announce something “phenomenal” in terms of tax although he offered no further details.

Oil prices rose more than 1 percent after the International Energy Agency reported record initial compliance by OPEC members implementing last year’s landmark deal to curb output.

March futures on the S&P TSX index were up 0.15 percent at 7:15 a.m. ET.

Statistics Canada is scheduled to report employment data for January at 8:30 a.m. ET.

The Canadian jobs market is expected to have been unchanged in January, after a strong second half of the year in 2016, leaving the unemployment rate steady at 6.9 percent. After a gain in part-time jobs last year, analysts will look to see if the quality of jobs improved.

The Toronto Stock Exchange’s S&P/TSX composite index rose on Thursday to its highest close in two weeks, nearing an all-time peak, as higher oil prices and the prospect of U.S. tax cuts helped trigger gains for heavyweight energy and financial shares.

Dow Jones Industrial Average e-mini futures were up 0.14 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.11 percent and Nasdaq 100 e-mini futures were up 0.12 percent.

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TOP STORIES

Agrium Inc,, a Canadian fertilizer maker and the world’s biggest farm retailer, on Thursday forecast a less profitable year than expected and said its quarterly profit plunged.

Canada’s Cameco Corp reported a lower-than-expected quarterly profit, hurt by weak uranium prices.

ANALYST RESEARCH HIGHLIGHTS

Manulife Financial Corp : CIBC raises price target to C$27 from C$23

Precision Drilling Corp : CIBC raises price target to C$11 from C$10.5

Telus Corp : Barclays raises target price to C$50 from C$48

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1224.7; -0.84 percent

US crude : $53.59; +1.11 percent

Brent crude : $56.32; +1.24 percent

LME 3-month copper : $5880.5; +1 percent

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Import prices mm for Jan: Expected 0.2 pct; Prior 0.4 pct

0830 Export prices mm for Jan: Expected 0.1 pct; Prior 0.3 pct

1000 U Mich Sentiment Preliminary for Feb: Expected 97.9; Prior 98.5

1000 U Mich Conditions Preliminary for Feb: Expected 110.9; Prior 111.3

1000 U Mich Expectations Preliminary for Feb: Expected 89.0; Prior 90.3

1000 U Mich 1 year inflation preliminary for Feb: Prior 2.6 pct

1000 U Mich 5-year inflation preliminary for Feb: Prior 2.6 pct

1030 ECRI Weekly Index: Prior 145.1

1030 ECRI weekly annualized: Prior 11.8 pct

1400 Federal budget for Jan: Expected $40.00 bln; Prior -$28.00 bln

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.31) (Reporting by Nikhil Kumar in Bengaluru)

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