Dec 14 (Reuters) - Stock futures pointed to a lower start for Canada’s main stock index on Monday as oil prices fell for the seventh straight session.
Oil prices came close to 11-year lows on Monday on growing fears that the global oil glut would worsen in the months to come in a pricing war between leading OPEC and non-OPEC producers.
December futures on the S&P TSX index were down 0.52 percent at 7:30 a.m. ET.
No major economic events are scheduled for the day.
Canada’s main stock index saw renewed selling pressure on Friday after a two-day respite, recording its weakest close in more than two years, including deep losses for financial and energy stocks as crude oil prices hit fresh lows.
Dow Jones Industrial Average e-mini futures were down 0.40 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were up 0.34 percent and Nasdaq 100 e-mini futures were down 0.36 percent.
Oil and natural gas producer Encana Corp , responding to a sharp drop in oil prices, has cut its 2016 capital budget by more than a quarter to $1.5 billion-$1.7 billion.
Drugmaker Valeant Pharmaceuticals Inc, under mounting pressure from U.S. Congress and prosecutors over its drug pricing, has hired an attorney in Washington, DC and crisis public relations experts with political connections, according to sources familiar with the matter.
COMMODITIES AT 7:30 a.m. ET
Gold futures : $1,068; -0.83 pct
US crude : $34.64; -2.72 pct
Brent crude : $36.67; -3.24 pct
LME 3-month copper : $4,672.50; -0.65 pct
Badger Daylighting Ltd : Canaccord Genuity starts coverage with “buy” rating; C$31 price target
BRP Inc : Canaccord Genuity cuts price target to C$32 from C$33; rating “buy”
Hudson’s Bay Co : Barclays cuts price target to C$20 from C$27; rating “equal weight”
No major economic events are scheduled for the day
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Canadian markets directory ($1= C$1.38) (Reporting by Nikhil Kumar in Bengaluru; Editing by Kirti Pandey)