February 23, 2016 / 12:36 PM / in 2 years

CANADA STOCKS-TSX set to open lower as oil rally fades

Feb 23 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Tuesday as a rally in oil prices fizzled over doubts a potential production freeze will have any impact on a supply glut.

March futures on the S&P TSX index were down 0.2 percent at 7:15 a.m. ET.

Canadian stocks rose on Monday as energy shares rallied on a jump in oil prices, although gains were pared as the healthcare sector slumped and bank stocks reversed course ahead of quarterly earnings this week.

Dow Jones Industrial Average e-mini futures were up 0.02 percent at 7:15 a.m. ET. S&P 500 e-mini futures were down 0.06 percent and Nasdaq 100 e-mini futures were down 0.19 percent.

No major Canadian economic releases are scheduled for the day.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

Bank of Montreal posted a higher quarterly profit, lifted by growth in its U.S. personal and commercial banking business.

Bank of Nova Scotia has approached a unit of Bank of China, Maybank and two Japanese banks to gauge their interest in its $1.7 billion stake in Thai lender Thanachart, people familiar with the matter said.

Brookfield Asset Management Inc and its Australian rival, Qube Holdings Ltd are weighing a joint A$9 billion ($6.5 billion) bid for Asciano Ltd, Australia’s biggest rail and port operator.

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,216.50; +0.58 pct

US crude : $33.27; -0.33 pct

Brent crude : $35.05; +1.04 pct

LME 3-month copper : $4,664.00; -0.64 pct

ANALYST RESEARCH HIGHLIGHTS

Endeavour Silver Corp : CIBC cuts rating to “sector underperformer”

Great Panther Silver Ltd : Euro Pacific cuts rating to “neutral” from “buy”

Primero Mining Corp : CIBC cuts rating to “sector performer”

U.S. ECONOMIC DATA DUE ON TUESDAY

0855 Redbook mm: Prior -2.5 pct

0855 Redbook yy: Prior 0.9 pct

0900 CaseShiller 20 mm sa for Dec: Expected 0.9 pct; Prior 0.9 pct

0900 CaseShiller 20 mm nsa for Dec: Expected 0.1 pct; Prior 0.1 pct

0900 CaseShiller 20 yy for Dec: Expected 5.8 pct; Prior 5.8 pct

1000 Consumer confidence for Feb: Expected 97.0; Prior 98.1

1000 Existing home sales for Jan: Expected 5.32 mln; Prior 5.46 mln

1000 Existing home sales % change for Jan: Expected -2.9 pct; Prior 14.7 pct

1000 Rich Fed composite index for Feb: Prior 2

1000 Rich Fed, services index for Feb: Prior 10

1000 Rich Fed manufacturing shipments for Feb: Prior -6

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.37) (Reporting by Nikhil Kumar in Bengaluru)

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