July 28 (Reuters) - Toronto’s main stock index could open lower on Wednesday as weaker crude oil prices put pressure on energy stocks.
Canadian equity futures pointed to a lower open. <0#SXF:>, even as the Reuters-Jefferies CRB index .CRB, a global commodities benchmark, was up 0.2 percent in early trade.
With no major data on the calendar investors will keep a close eye on corporate results.
On Wall Street, S&P 500 index futures turned negative after an unexpected month-over-month decline in June durable goods orders. [.N]
European shares dropped after rising for six straight sessions, with investors taking profits from recent gains and as weaker crude oil prices putting pressure on energy stocks.
Asian stocks hit a 12-week high, with the Nikkei up 2.7 percent, its highest close and biggest one-day gain in two weeks, on strong corporate earnings at home and abroad as well as a weaker yen.
Here is some news that could affect Canadian stock prices:
Oil slipped towards $77 per barrel on Wednesday after an industry report of an unexpected rise in U.S. crude stocks and a fall in U.S. consumer confidence fuelled doubts about the pace of recovery in energy demand. [O/R]
Copper rose to its highest since mid-May on Wednesday after assurance on economic growth from top metals consumer China and improving fundamentals. [MET/L]
Gold rose above $1,160 an ounce in Europe on Wednesday as price-sensitive buyers were tempted back to the market by the previous day’s dip to three-month lows, with strong demand reported from major consumer India. [GOL/]
The Canadian dollar drifted higher against its U.S. counterpart on Wednesday as solid corporate earnings and easing fears about financial stability bolstered growth-related currencies. [CAD/]
Canadian stocks to watch include:
CANADIAN PACIFIC RAILWAY LTD (CP.TO)
Canadian Pacific Railway Ltd posted a 30 percent jump in quarterly profit on Wednesday on the back of volume growth and cost controls. [ID:nN27149660]
Enbridge said on Wednesday second-quarter operating profit rose 19 percent, driven by growth in both its natural gas delivery and oil pipeline businesses. [ID:nN28159039]
TMX GROUP INC (X.TO)
The operator of the Toronto Stock Exchange posted a marginal increase in quarterly profit as a rise in revenue was partially offset by a decline in its U.S. derivatives markets and higher expenses. [ID:nSGE66R0FI]
HUSKY ENERGY INC (HSE.TO)
Canada’s No. 3 integrated oil production and refining company on Wednesday reported a 23 percent drop in second-quarter profit, hurt by lower production at its main White Rose oil project off the coast of Newfoundland. [ID:nSGE66R0IK]
TORSTAR CORP (TSb.TO)
Canadian publisher Torstar Corp posted a second-quarter profit on Wednesday, helped by strength at its newspapers and digital segment, but said it continues to be cautious on the segment’s revenue outlook. [ID:nSGE66R0G0]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.
* AuEx Ventures (XAU.TO) coverage started with sector outperform; price target of $4 at Haywood
* Cameco Corp (CCO.TO) rating cut to neutral from outperform at Macquarie
* Omni-Lite Industries OML.V price target raised to $2.75 from $2.25; rating strong buy at Raymond James
Reporting by Bangalore newsroom, editing by Bhaswati Mukhopadhyay and Frank McGurty