July 28, 2016 / 11:40 AM / a year ago

CANADA STOCKS-Weak oil prices weigh on futures

3 Min Read

July 28 (Reuters) - Canada's main stock index was set to open lower on Thursday as oil prices slipped to 3-month lows a day after data showed a surprise rise in U.S. crude and gasoline inventories.

The build added to an already huge glut of global refined products just as slowing economic growth dents outlook on demand.

September futures on the S&P TSX index were down 0.07 percent at 7:30 a.m. ET.

Canada's main stock index closed barely lower on Wednesday, hurt by losses in energy shares as oil prices slid on a surprise inventory build, which offset the impact of positive comments from the U.S. Federal Reserve.

No major Canadian data is scheduled for release on Thursday.

Dow Jones Industrial Average e-mini futures were down 0.02 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were up 0.01 percent and Nasdaq 100 e-mini futures were down 0.01 percent.

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

Top Stories

Potash Corp of Saskatchewan , the world's biggest fertilizer company by capacity, cut its full-year profit forecast for the second time, but said potash markets had reached their low point.

Canadian miner Teck Resources Ltd reported a surprise quarterly profit as its costs declined. Teck, the largest producer of steelmaking coal in North America, said operating costs fell 15 percent to C$691 million ($525 million) in the second quarter.

Thomson Reuters Corp reported flat quarterly revenue excluding currency effects and reaffirmed its full-year sales outlook.

Cenovus Energy Inc posted a smaller-than-expected quarterly loss, helped by its cost reduction efforts, and said about two-thirds of the costs it had cut since 2014-end would be "sustainable" even when oil prices recover.

COMMODITIES AT 7:30 a.m. ET

Gold futures : $1,341; +1.08 pct

US crude : $41.91; -0.02 pct

Brent crude : $43.26; -0.48 pct

LME 3-month copper : $4,870.50; +0.42 pct

Analyst Research Highlights

Alaris Royalty Corp : Haywood Securities cuts rating to "hold" from "buy"

Barrick Gold Corp : Canaccord Genuity raises rating to "buy" from "hold"

Western Energy Services Corp : TD Securities cuts price target to C$3.50 from C$4.25

u.s. Economic Data Due on Thursday

0830 Advanced goods trade balance for Jun: Prior -$60.59 bln

0830 Initial Jobless Claims: Expected 260,000; Prior 253,000

0830 Jobless Claim 4-Weeks Average: Prior 257,750

0830 Continued jobless claims: Expected 2.130 mln; Prior 2.128 mln

1100 KC Fed Current production index for Jul: Prior 12

1100 KC Fed Composite Index for Jul: Prior 2

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$1.32) (Reporting by Nikhil Kumar in Bengaluru; Editing by Kirti Pandey)

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