Feb 11 (Reuters) - Canada’s main stock index looked set to open lower on Thursday as investors continued to bet on safe-haven assets on growing concerns about slower pace of global economic growth.
March futures on the S&P TSX index were down 1.26 percent at 7:40 a.m. ET.
Data on New Housing Price Index is due at 8:30 a.m. ET .
The Toronto Stock Exchange’s S&P/TSX composite index fell on Wednesday, hitting a two-week low as a drop in oil prices and credit market uncertainty weighed on energy and financial stocks.
Dow Jones Industrial Average e-mini futures were down 1.69 percent at 7:40 a.m. ET, while S&P 500 e-mini futures were down 1.65 percent and Nasdaq 100 e-mini futures were down 1.85 percent.
Telus Corp, one of Canada’s three big telecom providers, reported a 16 percent fall in quarterly profit, hurt by increased competition and weaker demand for its wireless services.
Oil producer Cenovus Energy Inc posted a bigger-than-expected quarterly loss and announced a fresh round of cuts to its quarterly dividend, 2016 capital budget and workforce, as it tries to shore up finances amid an incessant fall in oil prices.
Thomson Reuters Corp reported a higher-than-expected quarterly profit and said it expects its revenue to grow by low single digits in 2016.
COMMODITIES AT 7:40 a.m. ET
Gold futures : $1,234.90; +3.36 pct
US crude : $26.57; -3.13 pct
Brent crude : $30.44; -1.26 pct
LME 3-month copper : $4,471.50; +0.61 pct
ANALYST RESEARCH HIGHLIGHTS
ARC Resources Ltd : Raymond James raises target to C$22 from C$21; rating “outperform”
Sun Life Financial Inc : CIBC raises rating to “sector outperformer” from “sector performer”
Intact Financial Corp : Raymond James raises rating to “outperform” from “market perform”
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Initial jobless claims: Expected 281,000; Prior 285,000
0830 Jobless claims 4-week average: Prior 284,750
0830 Continued jobless claims: Expected 2.250 mln; Prior 2.255 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$1.40) (Reporting by Nikhil Kumar in Bengaluru; Editing by Sriraj Kalluvila)
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