CANADA STOCKS-Futures lower on oil drop, Bank of Canada growth warning

Thu Jun 16, 2016 7:28am EDT
 
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June 16 (Reuters) - Stock futures pointed to a lower opening for Canada's main stock index on Thursday, as oil prices fell for a sixth straight day and the Bank of Canada warned of "very choppy" growth.

Crude prices hit their lowest in more than three weeks as U.S. crude stocks fell less than expected and concerns over Britain's future in the European Union weighed.

However, gold rallied to a two-year high after the Federal Reserve sounded a less dovish note and as the U.S. dollar sank to a 21-month low versus the yen.

Higher gold prices helped Canada's benchmark stock index end a streak of five days of declines on Wednesday as miners and other materials stocks led a broad but subdued rebound.

Adding to the pressure on Thursday was a report from the Bank of Canada late on Wednesday that said economic growth was likely to be flat or slightly negative in the second quarter due to the impact of the Alberta wildfires.

June futures on the S&P TSX index were down 0.35 percent at 7:15 a.m. ET on Thursday.

Dow Jones Industrial Average e-mini futures were down 0.30 percent. S&P 500 e-mini futures were down 0.35 percent and Nasdaq 100 e-mini futures were down 0.35 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

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