TSX set for higher open as crude oil prices soar

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 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 on Monday rejected unsolicited acquisition proposal from Glencore Plc, stating rival’s all-stock offer is inferior to its own planner separation. U.S.-listed shares of the Canadian miner rose more than 10%.

Among other stocks, Quebecor Inc was upgraded by Veritas Research to “buy” from “reduce”, while Scotiabank resumed coverage of miner Pan American Silver Corp with “sector outperform”.

On Friday, the Toronto Stock Exchange’s S&P/TSX composite index ended 0.8% up after data showed stronger-than-expected growth in the domestic economy. [.TO]

Dow e-minis were up 126 points, or 0.38%, at 7:05 a.m. ET, while S&P 500 e-minis were down 2.75 points, or 0.07% and Nasdaq 100 e-minis were down 84.5 points, or 0.64%. [.N]

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,976.8; -0.01% [GOL/]

US crude: $79.65; +5.25% [O/R]

Brent crude: $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

Canadian markets directory

($1 = 1.3479 Canadian dollars)

(Reporting by Johann M Cherian in Bengaluru; Editing by Shweta Agarwal)