Canada Stocks: TSX set for higher open as crude oil prices soar

Quebecor

03/04/2023 12:42

April 03 - Canada's main stock index edged up on Monday,
tracking strength in crude oil prices, while investors watched
out for March manufacturing activity data due later in the day. 
  
    June futures on the S&P/TSX index  SXFc1  were up 0.3% at
7:04 a.m. ET.
    Contracts tied to oil prices surged more than 5% after the
Organization of the Petroleum Exporting Countries and their
allies(OPEC+) announced over the weekend further oil output cuts
of around 1.16 million barrels per day.  O/R 
    The Purchasing Managers' Index data is due at 9:30 am ET.
Manufacturing activity expanded at a faster pace in the previous
month as new orders and measures of output both rose to
nine-month highs. 
    Teck Resources Ltd  TECKb.TO  on Monday rejected unsolicited
acquisition proposal from Glencore Plc  GLEN.L , stating rival's
all-stock offer is inferior to its own planner separation.
U.S.-listed shares of the Canadian miner  TECK.N  rose more than
10%. 
    Among other stocks, Quebecor Inc  QBRb.TO  was upgraded by
Veritas Research to "buy" from "reduce", while Scotiabank
resumed coverage of miner Pan American Silver Corp  PAAS.TO 
with "sector outperform".   
    On Friday, the Toronto Stock Exchange's S&P/TSX composite
index  .GSPTSE  ended 0.8% up after data showed
stronger-than-expected growth in the domestic economy.  .TO 
    Dow e-minis  1YMcv1  were up 126 points, or 0.38%, at 7:05
a.m. ET, while S&P 500 e-minis  EScv1  were down 2.75 points, or
0.07% and Nasdaq 100 e-minis  NQcv1  were down 84.5 points, or
0.64%.  .N 
    
    COMMODITIES AT 7:00 a.m. ET 
    Gold futures  GCc2 : $1,976.8; -0.01%  GOL/ 
    US crude  CLc1 : $79.65; +5.25%  O/R 
    Brent crude  LCOc1 : $83.95; +5.13%  O/R 
    
    U.S. ECONOMIC DATA DUE ON MONDAY
    March S&P Global Manufacturing PMI final due at 9:45 am ET
    March ISM Manufacturing PMI due at 10:00 am 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  EQUITYPOLL1 
 EPOLL/CA 
    Canadian markets directory  CANADA 

($1 = 1.3479 Canadian dollars)

 (Reporting by Johann M Cherian in Bengaluru; Editing by Shweta
Agarwal)
 ((johann.mcherian@thomsonreuters.com;))