Feb 2 (Reuters) - Canada’s main stock index looked set to start on a lower note on Tuesday after a sharp drop in oil prices triggered caution among investors.
Oil prices fell more than 3 percent, dented by worries about the demand outlook and rising supply, while hopes for a deal between OPEC and Russia on output cuts faded.
March futures on the S&P TSX index were down 0.74 percent at 7:15 a.m. ET.
No major economic events are scheduled for the day.
The Toronto Stock Exchange’s S&P/TSX composite index lost ground on Monday, with shares in energy companies weighing heavily as oil prices tumbled and weak economic data out of Europe and China exacerbated concerns about a global slowdown.
Dow Jones Industrial Average e-mini futures were down 0.61 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.65 percent and Nasdaq 100 e-mini futures were down 0.66 percent.
WestJet Airlines Ltd reported a smaller quarterly profit, hurt by its large exposure to Alberta, where the economy is weakening.
Canadian private equity investments overseas surged to record levels in 2015 on the back of some major buyouts by Canadian pension funds across a wide range of sectors, according to data released on Monday.
Brookfield Asset Management Inc has withdrawn an offer to buy the 24.4 percent stake in infrastructure company Invepar held by Brazil’s Grupo OAS SA, the Canadian firm said on Monday.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,125.20; -0.24 pct
US crude : $30.51; -3.51 pct
Brent crude : $32.80; -4.21 pct
LME 3-month copper : $4,597.50; +0.82 pct
ANALYST RESEARCH HIGHLIGHTS
Agnico Eagle Mines : Desjardins cuts rating to “hold” from “buy”
Rona Inc : Canaccord Genuity cuts target price to C$13 from C$14; rating “hold”
Teranga Gold Corp : CIBC cuts target price to C$0.50 from C$0.60
U.S. ECONOMIC DATA DUE ON TUESDAY
0855 Redbook mm: Prior -1.4 pct
0855 Redbook yy: Prior 1.0 pct
0945 ISM-New York Index for Jan: Prior 716.6
0945 ISM NY Biz Conditions for Jan: Prior 62
1330 Domestic car sales for Jan: Expected 5.50 mln; Prior 5.51 mln
1330 Domestic truck sales for Jan: Expected 8.20 mln; Prior 8.34 mln
1330 Total vehicle sales for Jan: Expected 17.40 mln; Prior 17.34 mln
1330 All car sales for Jan: Prior 7.40 mln
1330 All truck sales for Jan: Prior 9.94 mln
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 Nikhil Kumar in Bengaluru; Editing by Maju Samuel)
Our Standards: The Thomson Reuters Trust Principles.