Jan 25 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Monday as oil prices fell after Iraq announced record-high production, feeding into a heavily oversupplied market.
March futures on the S&P TSX index were down 0.39 percent at 7:15 a.m. ET.
No major economic events are scheduled.
The Toronto Stock Exchange’s S&P/TSX composite index scored its biggest rally in more than four years on Friday, led by oil and gas stocks as crude prices surged and investors welcomed hints of more stimulus from global central banks.
Dow Jones Industrial Average e-mini futures were down 0.28 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.21 percent and Nasdaq 100 e-mini futures were down 0.25 percent.
The oil price rout and related Canadian dollar slide that is ravaging the country’s economy is starting to take its toll on corporate profits, from rail and retail to seemingly unrelated sectors like telecoms.
Canada’s northern oil hub Fort McMurray is learning the hard way that there is no such thing as simply going back to normal after a long boom that got cut short by the collapse in crude prices.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,099.30; +0.19 pct
US crude : $31.20; -3.08 pct
Brent crude : $31.22; -2.98 pct
LME 3-month copper : $4,466.50; +0.53 pct
ANALYST RESEARCH HIGHLIGHTS
AGT Food And Ingredients : Raymond James cuts rating to “market perform” from “outperform”
Hydro One Ltd : National Bank Financial cuts rating to “sector perform” from “outperform”
Canadian Pacific Railway : Susquehanna raises target price to C$129 from C$128
U.S. ECONOMIC DATA DUE ON MONDAY
1030 Dallas Fed Manufacturing Bus Index for Jan: Prior -20.10
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$1.42) (Reporting by Nikhil Kumar in Bengaluru; Editing by Sriraj Kalluvila)
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