October 22 (Reuters) – Canada’s main stock index futures were higher on Tuesday after Prime Minister Justin Trudeau’s Liberals were re-elected in a closely fought election.
Trudeau hung onto power after an election on Monday that saw his government reduced to a minority, but aides predicted he would be able to govern for two years without many problems.
Canadian PM’s Liberals only won 156 seats, a decrease of 21, preliminary results showed.
December futures on the S&P/TSX index were up 0.21% at 7:00 a.m. ET.
Retail sales data is due at 8:30 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index rose 0.25% to 16,418.45 on Monday.
Dow Jones Industrial Average e-mini futures were up 0.1% at 7:00 a.m. ET, S&P 500 e-mini futures 0.03% and Nasdaq 100 e-mini futures 0.13%.
Canada’s biggest bank, RBC, forecast more pressure for domestic oil storage and pipeline businesses on Tuesday after Prime Minister Justin Trudeau’s Liberals retained power but were stripped to a minority government that will need the support of a smaller left-leaning party to govern.
Bombardier on Monday unveiled its revamped Liberty Learjet 75 corporate plane, betting that extra legroom and a lower price tag would help the Canadian company beat back competition from Embraer SA’s market leading model.
ANALYST RESEARCH HIGHLIGHTS
Orla Mining Ltd: CIBC raises to “outperformer” from “neutral”
CCL Industries Inc: CIBC cuts target price to C$68 from C$69
Imperial Oil Ltd: Goldman Sachs cuts target price to C$37 from C$39
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1486.4; +0.15%
US crude: $53.6; +0.54%
Brent crude: $59.27; +0.53%
U.S. ECONOMIC DATA DUE ON TUESDAY
1000 Existing home sales for Sep: Expected 5.45 mln; Prior 5.49 mln
1000 Existing home sales percentage change for Sep: Expected -0.7%; Prior 1.3%
1000 Rich Fed Composite Index for Oct: Prior -9
1000 Rich Fed Services Index for Oct: Prior 6
1000 Rich Fed Manufacturing Shipments for Oct: Prior -14
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Reuters global stocks poll for Canada
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Reporting by Nachiket Tekawade in Bengaluru; Editing by