July 21, 2016 / 11:32 AM / a year ago

CANADA STOCKS-Futures point to slightly lower open

4 Min Read

July 21 (Reuters) - Canada's main stock index futures were little changed as oil prices fell after the U.S. Energy Department reported a ninth consecutive weekly drawdown of crude stocks but an overall build in oil inventories.

Crude inventories fell 2.3 million barrels in the week ending July 15, data from the statistical arm of the Energy Department showed on Wednesday.

But at 519.5 million barrels, U.S. crude oil inventories are at historically high levels for this time of year, the EIA said.

September futures on the S&P TSX index were down 0.04 percent at 7:15 a.m. ET.

Wholesale trade data is due at 8:30 a.m. ET.

The Toronto Stock Exchange's S&P/TSX composite index rose to an 11-month high, then retraced gains to end barely higher on Wednesday, with gains for railways and banks offset by sharp losses among gold miners.

Dow Jones Industrial Average e-mini futures were down 0.15 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.1 percent and Nasdaq 100 e-mini futures were up 0.03 percent.

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

Top Stories

Oil and gas producer Encana Corp reported an unexpected quarterly operating profit, helped by a cost-cutting drive, and said it would raise its 2016 capital expenditure program.

Rig contractor Precision Drilling Corp posted a bigger second-quarter loss, hurt by the lowest drilling activity in decades during the period as oil producers slashed spending.

Australia's antitrust watchdog on Thursday gave the green light to a A$9.1 billion ($6.79 billion) buyout of rail freight giant Asciano Ltd by a global consortium led by Canada's Brookfield Asset Management Inc.

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,312.80; -0.45 pct

US crude : $45.62; -0.26 pct

Brent crude : $46.98; -0.40 pct

LME 3-month copper : $4,967; +0.02 pct

Analyst Research Highlights

Colabor Group Inc : Desjardins cuts target price to C$1.20 from C$1.50

Canadian Pacific Railway Ltd : UBS raises target price to C$225 from C$193

Norbord Inc : Dundee raises target price to C$38 from C$35

u.s. Economic Data Due on Thursday

0830 Initial jobless claims: Expected 265,000; Prior 254,000

0830 Jobless claim 4 week average: Prior 259,000

0830 Continues jobless claim: Expected 2.145 mln; Prior 2.149 mln

0830 Chicago Fed National Activity Index for Jun: Prior -0.51

0830 Philadelphia Fed General Business Activity Index for Jul: Expected 5.0; Prior 4.7

0830 Philadelphia Fed future general business activity index for Jul: Prior 29.80

0830 Philadelphia Fed Future capital expenditures, Index for Jul: Prior 7.10

0830 Philadelphia Fed Employment, Index for Jul: Prior -10.90

0830 Philadelphia Fed Prices Paid, Index for Jul: Prior 23.00

0830 Philadelphia Fed New Orders, Index for Jul: Prior -3.00

0900 Monthly home price mm for May: Prior 0.2 pct

0900 Monthly home price yy for May: Prior 5.9 pct

0900 Monthly Home Price Index for May: Prior 233.8

1000 Existing home sales for Jun: Expected 5.48 mln; Prior 5.53 mln

1000 Existing home sales percentage change for Jun: Expected -0.5 pct; Prior 1.8 pct

1000 Leading Economic Index change mm for Jun: Expected 0.2 pct; Prior -0.2 pct

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 Nikhil Kumar in Bengaluru; Editing by Sriraj Kalluvila)

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