June 1, 2016 / 11:32 AM / a year ago

CANADA STOCKS-Futures lower as oil prices dip

June 1 (Reuters) - Futures indicated a lower opening for Canadian stocks on Wednesday as oil prices slid on expectations of OPEC inaction on output.

June futures on the S&P TSX index were down 0.60 percent at 7:15 a.m. ET.

RBC Manufacturing PMI data is scheduled for release at 9:30 am ET.

Canada’s main stock index turned lower on Tuesday after hitting a new nine-month high, pressured by financial stocks after one of the country’s major banks reported results that missed estimates.

Dow Jones Industrial Average e-mini futures were down 0.41 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.39 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

Thousands of evacuees who fled a massive wildfire in the Canadian oil hub of Fort McMurray are set to return home, though concerns ranging from contaminated drinking water to insurance claims linger as the city seeks to rebuild itself.

Husky Energy, Canada’s No. 3 integrated oil company, said it expected to generate free cash flow and may reinstate a cash dividend as crude oil prices have rallied in recent weeks.

Valeant Pharmaceuticals Inc , which has come under scrutiny for its business and accounting practices, said on Tuesday it would host a conference call on June 7 to discuss first-quarter results.

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,218.6; +0.02 pct

US crude : $48.42; -1.36 pct

Brent crude : $49.19; -1.40 pct

LME 3-month copper : $4,589.50; -1.74 pct

ANALYST RESEARCH HIGHLIGHTS

Bank Of Nova Scotia : Barclays raises target price to C$55 from C$51

Bankers Petroleum Ltd : Canaccord Genuity cuts rating to “hold” from “buy”

Crombie REIT : National Bank Financial resumes rating with “outperform”

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0855 Johnson Redbook Index mm: Prior 2.1 pct

0855 Johnson Redbook Index yy: Prior 0.4 pct

0945 Markit Manufacturing PMI Final for May: Prior 50.5

1000 Construction spending mm for Apr: Expected 0.6 pct; Prior 0.3 pct

1000 ISM Manufacturing PMI for May: Expected 50.4; Prior 50.8

1000 ISM Manufacturing Prices Paid for May: Expected 59.8; Prior 59.0

1000 ISM Manufacturing Employment Index for May: Expected 49.7; Prior 49.2

1030 ISM Manufacturing New Orders Index for May: Prior 55.8

1330 Dallas Fed Services Revenue for May: Prior 10.6

1330 Domestic car sales for May: Expected 5.20 mln; Prior 5.11 mln

1330 Domestic truck sales for May: Expected 8.50 mln; Prior 8.73 mln

1330 Total vehicle sales for May: Expected 17.30 mln; Prior 17.42 mln

1330 All car sales for May: Prior 7.06 mln

1330 All truck sales for May: Prior 10.36 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$1.31) (Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)

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