Jan 14 (Reuters) - Stock futures pointed to a lower start for Canada’s main stock index on Wednesday as oil prices fell further after the World Bank cut its global growth forecast for 2015 and 2016.
March futures on the S&P TSX index were down 0.64 percent at 7.15 a.m. ET.
No economic data is due on Wednesday.
Canada’s main stock index fell on Tuesday as a selloff in copper prices sent shares of First Quantum Minerals Ltd and Teck Resources Ltd tumbling, while shares of gold-mining companies eased after a recent price run-up.
Dow Jones Industrial Average e-mini futures were down 0.37 percent at 7.15 a.m. ET, while S&P 500 e-mini futures were down 0.32 percent and Nasdaq 100 e-mini futures were down 0.24 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)
Canada’s largest oil and gas company Suncor Energy Inc said on Tuesday it would lay off about 1,000 employees and contractors, freeze hiring and slash C$1 billion ($837 million) in capital spending in response to falling crude oil prices.
Canadian regional cable and internet company Cogeco Cable Inc reported a higher quarterly profit, helped by increased revenue from the American cable services business.
A Canadian Pacific Railway Ltd train derailed in northern Ontario on Tuesday, leaking propane and closing down a nearby highway, the railway said in an emailed statement.
COMMODITIES AT 7.15 a.m. ET
Gold futures : $1,225.60; -0.7 pct
US crude : $45.95; -0.1 pct
Brent crude : $46.82; +0.5 pct
LME 3-month copper : $5,557.50; -5.2 pct
ANALYST RESEARCH HIGHLIGHTS
Imperial Oil Ltd : Barclays cuts price target to C$58 from C$67
Dragonwave Inc : CIBC cuts target price to C$2.75 from C$3
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 Import prices mm for Dec: Expected -2.9 pct; Prior -1.5 pct
0830 Export prices mm for Dec: Expected -1.0 pct; Prior -1.0 pct
0830 Retail sales mm for Dec: Expected -0.1 pct; Prior 0.7 pct
0830 Retail sales ex-autos mm for Dec: Expected 0.0 pct; Prior 0.5 pct
0830 Retail ex-gas/autos for Dec: Prior 0.6 pct
0830 Retail Control for Dec: Expected 0.4 pct; Prior 0.6 pct
1000 Business inventories mm for Nov: 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$1.20) (Reporting by Abhinav Kaul in Bengaluru; Editing by Kirti Pandey)
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