April 17 (Reuters) - Canadian stock index futures indicated a lower open on Thursday ahead of inflation data and as disappointing earnings from Google and IBM dampened the previous session’s upbeat tone.
June futures on the S&P TSX index <0#SXF:> were down 0.07 percent at 0715 ET.
Canadian inflation data is due at 0830 ET.
The S&P TSX index recorded its biggest single-day jump in more than two months on Wednesday, driven higher by supportive comments on U.S. employment by Federal Reserve Chair Janet Yellen and bullish economic data from China.
Dow Jones Industrial Average futures were down 0.22 percent at at 0715 ET, while S&P 500 futures were down 0.25 percent and Nasdaq 100 futures were down 0.06 percent.
Bank of Canada chief Stephen Poloz said an interest rate cut was still a possibility even though the bank forecasts inflation will pick up speed this year and approach its 2 percent target.
Canada’s economy will grow only modestly over the next two years and underperform the United States as high household debt levels and a cooling housing market restrain consumer spending, a Reuters poll showed.
Osisko Mining Corp said it has reached a C$3.9 billion deal to sell most of its assets to Yamana Gold Inc and Agnico Eagle Mines Ltd as it battles to thwart a hostile takeover bid from Goldcorp Inc, one of the world’s biggest gold miners.
COMMODITIES AT 0715 ET
Gold futures : $1,298.4; -0.36 percent
US crude : $104.1; +0.33 percent
Brent crude : $109.65; +0.05 percent
LME 3-month copper : $6,646; +0.41 percent
ANALYST RESEARCH HIGHLIGHTS
Barrick Gold Corp <ABX.TO >: Canaccord Genuity cuts target price to C$20 from C$20.50
Kinross Gold Corp : Canaccord Genuity cuts target price to C$6.75 from C$7
Pan American Silver Corp : Canaccord Genuity cuts target price to C$17.75 from C$19
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 Initial Jobless Claims: Expected +15,000 Prior +300,000
0830 Continued Jobless Claims: Expected +2.795 mln Prior +2.776 mln
1000 Philly Fed Business Index for April: Expected +10 Prior +9
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Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory
$1= $1.10 Canadian Reporting by Nikhil Kumar in Banagalore; Editing by Ted Kerr
Our Standards: The Thomson Reuters Trust Principles.