(Updates with inflation and wholesale trade data)
Dec 18 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Friday, as crude oil prices continued their slide and were on track for a third straight weekly drop.
March futures on the S&P TSX index were down 0.37 percent at 8:40 a.m. ET, recovering slightly, after data showed annual inflation edged up to 1.4 percent in November, lower than economists’ forecasts for a rise to 1.5 percent.
The value of wholesale trade unexpectedly declined in October, weighed by lower sales in the food and motor vehicle and parts sectors, data from Statistics Canada showed.
Canada’s main stock index fell on Thursday as weaker commodity prices following Wednesday’s U.S. Federal Reserve rate hike weighed on energy and mining stocks, while a wireless acquisition dragged telecom stocks lower.
Dow Jones Industrial Average e-mini futures were down 0.37 percent at 8:40 a.m. ET, while S&P 500 e-mini futures were down 0.31 percent and Nasdaq 100 e-mini futures were down 0.02 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)
BlackBerry Ltd reported a smaller-than-expected fiscal third-quarter loss and its first quarter-to-quarter revenue gain in over two years, indicating turnaround efforts may be gaining traction.
Bank of Nova Scotia is considering selling its 49 percent stake in Thanachart Bank Pcl, Thailand’s No.2 car loan provider, after struggling to make an Asian retail presence work, a source familiar with the plan said.
Canadian Pacific Railway Ltd’s $27 billion bid for Norfolk Southern Corp risks coming unstuck due to regulatory scrutiny of its impact on the U.S. rail market, in particular the possibility it could spark competition-crushing rival deals, according to former regulators and analysts.
COMMODITIES AT 8:40 a.m. ET
Gold futures : $1,056.1; +0.61 pct
US crude : $35.90; -0.99 pct
Brent crude : $36.54; -1.32 pct
LME 3-month copper : $4,644.50; +2.16 pct
ANALYST RESEARCH HIGHLIGHTS
Shaw Communications : Canaccord Genuity cuts price target to C$25 from C$27
Bonterra Energy Corp : CIBC cuts target price to C$26 from C$29
Secure Energy Services Inc : RBC cuts target price to C$12 from C$14
U.S. ECONOMIC DATA DUE ON FRIDAY
0945 Markit Composite Flash PMI for Dec: Prior 55.90
0945 Markit Services PMI Flash for Dec: Expected 56.0; Prior 56.1
1030 ECRI Weekly Index: Prior 131.3
1030 ECRI weekly annualized: Prior -0.8 pct
1100 KC Fed Manufacturing for Dec: Prior 3
1100 KC Fed Composite Index for Dec: Prior 1
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 Ayesha Sruti Ahmed in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila)
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