March 1 (Reuters) - Canada's main stock index was set to open higher on
Wednesday, tracking gains across global equities following a rebound in
manufacturing activity in China, although disappointing earnings from top banks
kept investors off large bets.
Royal Bank of Canada and the National Bank of Canada , among
the country's top lenders, reported lower quarterly profits as bigger rainy-day
funds to deal with economic uncertainty outweighed gains stemming from higher
interest rates.
March futures on the S&P/TSX index were up 0.5% at 7:03 a.m. ET.
Global sentiment got a lift after data showed factory activity in China, the
world's second-largest economy, grew in February at the fastest pace in more
than a decade – a standout in Asia where manufacturing growth stalled elsewhere. The TSX closed 0.2% lower on Tuesday, adding to its monthly decline, as
domestic data showed the economy stalling in the fourth quarter and two top
lenders pointed to economic pain ahead. Meanwhile, gold prices shone as strong Chinese economic data dented the
dollar and drove some bets for better physical demand from the top bullion
consumer. Dow e-minis were up 59 points, or 0.18%, at 7:03 a.m. ET, while S&P
500 e-minis were up 10 points, or 0.25%, and Nasdaq 100 e-minis were up 48.75 points, or 0.4%. COMMODITIES AT 6:55 a.m. ET
Gold futures : $1,843.7; +0.3% US crude : $76.31; -0.97% Brent crude : $82.88.85; -0.6% U.S. ECONOMIC DATA DUE ON XXXDAY
S&P Global Manufacturing PMI due at 9:45 a.m. ET
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TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = 1.3602 Canadian dollars)
(Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh Kuber)
