May 3, 2016 / 11:37 AM / a year ago

CANADA STOCKS-Lower oil prices drag futures lower

May 3 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Tuesday following a slide in oil prices as rising output from the Middle East and Northern Sea renewed concerns about global supply glut.

June futures on the S&P TSX index were down 1 percent at 7:15 a.m. ET.

Canada’s main stock index fell on Monday as lower oil prices weighed on energy stocks, offsetting a jump in shares of Manitoba Telecom Services Inc on news of the company’s acquisition by BCE Inc.

Dow Jones Industrial Average e-mini futures were down 0.65 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.69 percent and Nasdaq 100 e-mini futures were down 0.7 percent.

No major Canadian economic releases are scheduled for the day.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

Oil and gas producer Encana Corp posted a bigger-than-expected quarterly loss due to lower production amid a steep fall in oil prices.

WestJet Airlines Ltd reported a nearly 38 percent fall in quarterly profit at a time of economic weakness in oil-producing Alberta, where the airline mostly operates.

Freehold Royalties Ltd said on Monday it is buying royalty interests from Husky Energy that represent around 1,700 barrels of oil equivalent per day of western Canadian production for C$165 million.

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,294.60; -0.01 pct

US crude : $44.33; -1.03 pct

Brent crude : $45.52; -0.68 pct

LME 3-month copper : $4,937.00; -2.24 pct

ANALYST RESEARCH HIGHLIGHTS

Canadian Tire : NBF raises target to C$141 from C$140; rating “sector perform”

CGI Group : Canaccord Genuity starts coverage with “buy” rating; price target C$68

Manitoba Telecom Services : Canaccord Genuity raises target price to C$37 from C$30; rating “hold”

U.S. ECONOMIC DATA DUE ON TUESDAY

0945 ISM-New York Business Conditions Index for Apr: Expected 721.0

0945 ISM NY Current Business Conditions Index for Apr: Prior 50.4

1330 Domestic car sales for Apr: Expected 5.30 mln; Prior 5.12 mln

1330 Domestic truck sales for Apr: Expected 8.30 mln; Prior 8.21 mln

1330 Total vehicle sales for Apr: Expected 17.25 mln; Prior 16.57 mln

1330 All car sales for Apr: Prior 6.91 mln

1330 All truck sales for Apr: Prior 9.66 mln

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$1.26) (Reporting by Nikhil Kumar in Bengaluru; Editing by Maju Samuel)

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