March 22 (Reuters) - Futures for Canada’s main stock index pointed to a lower opening on Thursday as oil prices dropped after two days of solid gains that boosted energy companies.
Oil prices surrendered early gains as investors booked profits after this week’s rally, but losses were limited by the ongoing efforts of OPEC and its allies to curb supplies.
June futures on the S&P TSX index were down 0.31 percent at 7:15 a.m. ET.
Rising oil prices helped Canada’s main stock index close higher on Wednesday, when the Federal Reserve signaled growing confidence in the U.S. economic outlook.
Dow Jones Industrial Average e-mini futures were down 0.7 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.65 percent and Nasdaq 100 e-mini futures were down 1.1 percent.
Luxury carmaker Jaguar Land Rover will use BlackBerry Ltd’s infotainment and security software in its vehicles, the companies said.
Canada’s Cenovus Energy Inc said it was running oil sands production below capacity and stockpiling excess oil due to trouble with exporting through maxed-out pipelines to the United States.
ANALYST RESEARCH HIGHLIGHTS
AGT Food and Ingredients Inc: CIBC cuts price target to C$19 from C$20
Boyd Group Income Fund: Jefferies raises target price to C$122 from C$115
LXRandCo Inc: Canaccord Genuity cuts target price to C$9 from C$12; rating buy
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,320.7; was unchanged 0 pct
U.S. crude: $65.06; -0.17 pct
Brent crude: $69.27; -0.29 pct
LME 3-month copper: $6,805.5; +0.18 pct
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Initial jobless claims: Expected 225,000; Prior 226,000
0830 Jobless claims 4-week average: Prior 221,500
0830 Continued jobless claims: Expected 1.890 mln; Prior 1.879 mln
0900 Monthly home price mm for Jan: Prior 0.3 pct
0900 Monthly home price yy for Jan: Prior 6.5 pct
0900 Monthly Home Price Index MM for Jan: Prior 256.9
0945 Markit Composite Flash PMI for Mar: Prior 55.8
0945 Markit Manufacturing PMI Flash for Mar: Expected 55.5 ; Prior 55.3
0945 Markit Services PMI Flash for Mar: Expected 55.8 ; Prior 55.9
1000 Leading index change mm for Feb: Expected 0.5 pct; Prior 1.0 pct
1100 KC Fed Manufacturing for Mar: Prior 21
1100 KC Fed Composite Index for Mar: Prior 17
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Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.29) (Reporting by Nandi Kaul in Bengaluru; Editing by Savio D’Souza)
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