June 16, 2016 / 12:38 PM / in a year

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

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)

TOP STORIES

Spending on clean energy projects in Canada fell 16 percent in 2015 compared with the record investments of the prior year and a renewed push to cut emissions may not lead to a rebound until 2018, an advocacy group said on Thursday.

Canada’s WestJet Airlines said Wednesday it would consider a slightly larger version of Boeing Co’s 737 MAX 7 jet with more seats, as the carrier prepares to take delivery of 65 narrowbodies from the planemaker through 2027.

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,305.00; +1.49 pct

US crude : $47.35; -1.40 pct

Brent crude : $48.31; -1.35 pct

LME 3-month copper : $4,532.00; -2.36 pct

ANALYST RESEARCH HIGHLIGHTS

Alterra Power : NBF raises rating to “outperform” from “sector perform”

Corus Entertainment Inc : NBF raises target price to C$12.50 from C$11.50

Transcontinental Inc : CIBC raises rating to “sector outperformer” from “sector performer”

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Consumer Prices mm, SA for May: Expected 0.3 pct; Prior 0.4 pct

0830 Consumer Prices yy, NSA for May: Expected 1.1 pct; Prior 1.1 pct

0830 Core Consumer Prices mm, SA for May: Expected 0.2 pct; Prior 0.2 pct

0830 Core Consumer Prices yy, NSA for May: Expected 2.2 pct; Prior 2.1 pct

0830 Consumer Prices Index, NSA for May: Expected 240.36; Prior 239.26

0830 Core Consumer Prices Index, SA for May: Prior 246.57

0830 Real weekly earnings mm for May: Prior 0.2 pct

0830 Current account for Q1: Expected -125.0 bln; Prior -125.3 bln

0830 Initial jobless claims: Expected 270,000; Prior 264,000

0830 Jobless claims 4-week average: Prior 269,500

0830 Continued jobless claims: Expected 2.120 mln; Prior 2.095 mln

0830 Philly Fed Business Index for Jun: Prior -1.8

0830 Philly Fed 6M Index for Jun: Prior 36.10

0830 Philly Fed Capex Index for Jun: Prior 23.60

0830 Philly Fed Employment for Jun: Prior -3.30

0830 Philly Fed Prices Paid for Jun: Prior 15.70

0830 Philly Fed New Orders for Jun: Prior -1.90

1000 NAHB Housing Market Index for Jun: Expected 59; Prior 58

1130 Cleveland fed CPI for May: Prior 0.3 pct

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$1.30) (Reporting by Riniki Sanyal in Bengaluru; Editing by Savio D‘Souza)

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