February 4, 2015 / 12:38 PM / 2 years ago

CANADA STOCKS-TSX set to open lower as oil prices drop

3 Min Read

Feb 4 (Reuters) - Stock futures pointed to a lower start for Canada's main stock index on Wednesday as oil prices declined after rising in the past few days.

March futures on the S&P TSX index were down 0.10 percent at 7.15 a.m. ET.

Ivey PMI data for January is due at 10.00 a.m. ET.

Canada's main stock index rose more than 1 percent to its highest level in more than two months on Tuesday as rallying oil prices benefited from a weaker U.S. dollar, sending energy shares higher.

Dow Jones Industrial Average e-mini futures were down 0.15 percent at 7.15 a.m. ET, while S&P 500 e-mini futures were down 0.32 percent and Nasdaq 100 e-mini futures were down 0.31 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

Top Stories

Intact Financial Corp, Canada's largest property and casualty insurer, reported a near-doubling in quarterly profit, boosted by strong growth in underwriting income.

Canadian financial services holding company Fairfax Financial Holdings Ltd said on Tuesday it had agreed to acquire the Ukrainian insurance operations of Australia's QBE Insurance Group, expanding its presence in Eastern Europe.

John Baird resigned as Canada's foreign minister on Tuesday in a surprise move that leaves the Conservative government without one of its most capable politicians as it heads into an October election in which it faces a tough fight against a revitalized Liberal Party.


Gold futures : $1,265.90; +0.49 pct

US crude : $51.44; -3.03 pct

Brent crude : $56.71; -2.09 pct

LME 3-month copper : $5,703.50; +0.24 pct

Analyst Research Highlights

Agnico Eagle Mines Ltd : NBF cuts rating to "sector perform" from "outperform"

Brookfield Infrastructure Partners LP : Barclays raises price target to C$62 from C$50

WPT Industrial Real Estate Investment : NBF resumes coverage with "outperform" rating

u.s. Economic Data Due on Wednesday

0815 ADP National Employment for Jan: Expected +225,000; Prior +241,000

0945 Markit Comp Final PMI for Jan: Prior +54.2

0945 Markit Services PMI Final for Jan: Prior +54.0

1000 ISM Non-Manufacturing PMI for Jan: Expected +56.3; Prior +56.5

1000 ISM Non-Manufacturing BAct for Jan: Expected +57.6; Prior +58.6

1000 ISM Non-Manufacturing Employment Index for Jan: Prior +55.7

1000 ISM Non-Manufacturing New Orders Index for Jan: Prior +59.2

1000 ISM Non-Manufacturing Price Paid Index for Jan: Prior +49.8

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$1.24) (Reporting by Nandi Kaul in Bengaluru; Editing by Kirti Pandey)

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