March 26, 2015 / 11:39 AM / 2 years ago

CANADA STOCKS-TSX set for lower open due to global tensions

March 26 (Reuters) - Tracking global markets, stock futures pointed to a lower opening for Canada’s main stock index on Thursday after Saudi Arabia and its allies launched air strikes on Yemen.

June futures on the S&P TSX index were down 0.09 percent at 7:15 a.m. ET.

Warplanes from Saudi Arabia and Arab allies struck Shi‘ite Muslim rebels fighting to oust Yemen’s president on Thursday, a gamble by the world’s top oil exporter to check Iranian influence in its backyard without direct military backing from Washington.

No major economic events are scheduled.

Canada’s main stock index fell 1 percent on Wednesday, weighed down by heavyweight banks and insurers, while a bounce in oil prices helped some of the country’s biggest oil and gas producers.

Dow Jones Industrial Average e-mini futures were down 0.7 percent at 7:15 a.m. ET, S&P 500 e-mini futures were down 0.69 percent and Nasdaq 100 e-mini futures were down 1.05 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

Canadian yogawear retailer Lululemon Athletica Inc forecast a weaker-than-expected profit in the first quarter, months after it said margins would dip in 2015 as it continues to invest in improving quality and solving supply-chain problems.

A senior executive at BCE Inc’s Bell Media unit apologized on Wednesday for interfering in editorial coverage after Canada biggest communications company was harshly rebuked by the country’s broadcast regulator.

Three Canadian National Railway Co derailments in the same area in three weeks are a significant problem and cannot be explained away as a fluke of nature, Canadian Transport Minister Lisa Raitt said in an interview on Wednesday.

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,207.7; +0.9 pct

US crude : $51.2; +4.1 pct

Brent crude : $58.7; +3.9 pct

LME 3-month copper : $6,216; +1.5 pct

ANALYST RESEARCH HIGHLIGHTS

Canadian National Railway : CIBC ups target to C$91 from C$87

Canadian Pacific Railway : CIBC ups target to C$255 from C$242

Dollarama Inc : Canaccord raises target price to C$76 from C$70

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Initial jobless claims: Expected +290,000; Prior +291,000

0830 Jobless claims 4-wk avg: Expected ; Prior +304,750

0830 Continued jobless claims: Expected +2.403 mln; Prior +2.417 mln

0945 Markit Comp Flash PMI for Mar: Expected +57.0; Prior +57.2

0945 Markit Svcs PMI flash for Mar: Prior +57.1

1100 KC Fed manufacturing for Mar: Prior +5.0

1100 KC Fed Composite Index for Mar: Prior +1.0

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 Simon Jennings

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