February 8, 2017 / 12:31 PM / 6 months ago

CANADA STOCKS-Futures little changed as oil prices slip

3 Min Read

Feb 8 (Reuters) - Canada's main stock index futures were little changed on Wednesday as oil prices dipped on higher U.S. crude inventories and a slump in Chinese demand.

March futures on the S&P TSX index were up 0.05 percent at 7:15 a.m. ET.

Canada's housing starts annualized data is scheduled for release at 8:15 a.m. ET, while TR IPSOS PCSI data for February is due at 11:00 am ET.

Canada's main stock index rose on Tuesday, with gains among heavyweight financial stocks on talk of a U.S. interest rate hike in March offsetting losses for shares of energy companies as oil prices weighed.

Dow Jones Industrial Average e-mini futures were up 0.06 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.01 percent and Nasdaq 100 e-mini futures were up 0.06 percent.

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Top Stories

Disruptions at the world's two biggest copper mines by strikes and other issues this week are threatening to reduce global supplies of the metal, pushing benchmark prices back towards their highest levels for the year so far. BHP Billiton said it would halt output in Chile at its Escondida mine. Freeport-McMoRan Inc warned it will scale back output at its Grasberg mine in Indonesia.

The Canadian government on Tuesday announced C$372.5 million ($283 million) in repayable loans for two of Bombardier Inc's jet programs, promising to defend the deal against a potential trade challenge by Brazil.

Workers at Canadian Natural Resources' Baobab and Espoir oil and gas fields in Ivory Coast launched a 72-hour strike early on Wednesday over employment conditions, the head of their union said.

Analyst Research Highlights

Genworth MI Canada Inc: CIBC raises target price to C$40 from C$37

TMX Group Ltd: CIBC raises target price to C$74 from C$68

Westjet Airlines Ltd: CIBC cuts target price to C$25 from C$26.5

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1237.5; +0.27 percent

US crude: $51.76; -0.79 percent

Brent crude: $54.79; -0.47 percent

LME 3-month copper: $5887; +1.59 percent

u.s. Economic Data Due on Wednesday

11:00 TR IPSOS PCSI for Feb: Prior 58.09

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$1.32) (Reporting by Shradha Singh in Bengaluru; Editing by Sriraj Kalluvila)

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