Toronto futures rebound as oil holds near 3-year highs | Saltwire – SaltWire NS

(Reuters) – Futures for Canada’s main stock index rebounded on Tuesday, a day after the benchmark index hit a 2-1/2-month low, as oil prices stayed near their highest levels in at least three years.

December futures on the S&P/TSX index were up 0.4% at 7:00 a.m. ET.

Brent crude oil futures stuck near three-year highs, with U.S. benchmark crude close to 2014 peaks, after the OPEC+ supplier group decided to stick to a gradual output increase plan rather than fully opening the taps.

Data for Canada’s August trade balance is due at 08:30 a.m. ET, while reserve assets data for September is due at 08:15 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.5% lower at 20,052.25 on Monday, its lowest closing level since July 20. [.TO]

Global investors remained cautious, fearing that rising energy prices and supply chain bottlenecks could affect the economic recovery just as the U.S. Federal Reserve gets closer to tapering its massive pandemic-era stimulus.

Dow e-minis were up 100 points, or 0.3%, at 7:01 a.m. ET, while S&P 500 e-minis were up 12.25 points, or 0.29%, and Nasdaq 100 e-minis were up 43 points, or 0.3%. [.N]

TOP STORIES [TOP/CAN]

Canada on Monday invoked a 1977 treaty with the United States to trigger bilateral negotiations over Enbridge Inc’s Line 5, escalating a long-running dispute over one of Canada’s major oil export pipelines.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Air Canada: RBC cuts to “sector perform” from “outperform”

Altus Group Ltd: TD Securities resumes coverage with “buy” rating

Boat Rocker Media Inc: Canaccord Genuity initiates coverage with “buy” rating

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1755.1; -0.67% [GOL/]

US crude: $78.02; +0.5% [O/R]

Brent crude: $81.8; +0.66% [O/R]

U.S. ECONOMIC DATA DUE ON TUESDAY

0830 International trade for Aug: Expected -$70.5 bln; Prior -$70.1 bln

0830 Goods trade balance (R) for Aug : Prior -87.60 bln

0945 Markit Composite Final PMI for Sep : Prior 54.5

0945 Markit Services PMI Final for Sep : Prior 54.4

1000 ISM N-Manufacturing PMI for Sep : Expected 60.0; Prior 61.7

1000 ISM N-Manufacturing Business Activity for Sep : Expected 59.5; Prior 60.1

1000 ISM N-Manufacturing Employment Index for Sep : Prior 53.7

1000 ISM N-Manufacturing New Orders Index for Sep : Prior 63.2

1000 ISM N-Manufacturing Price Paid Index for Sep : Prior 75.4

(Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)