Feb 9 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Tuesday as investors refrained from betting on riskier assets amid fears of a sustained global economic slowdown.
March futures on the S&P TSX index were down 0.55 percent at 7:15 a.m. ET.
No major economic releases are scheduled.
The Toronto Stock Exchange’s S&P/TSX composite index fell on Monday as banking, energy and consumer stocks lost ground, offsetting gains among gold miners as global growth concerns mounted.
Dow Jones Industrial Average e-mini futures were down 0.59 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.61 percent and Nasdaq 100 e-mini futures were down 0.57 percent.
Canadian utility Fortis Inc said it would buy ITC Holdings Corp, the largest independent power transmission company in the United States, for $6.9 billion in cash and stock.
Faced with record low prices for heavy crude, Canadian energy companies are sacrificing other parts of their business to keep higher-cost oil sands production going and safeguard the billions already invested in these multi-decade projects.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,189.70; -0.68 pct
US crude : $30.19; +1.68 pct
Brent crude : $33.18; +0.91 pct
LME 3-month copper : $4,533.50; -1.67 pct
ANALYST RESEARCH HIGHLIGHTS
Calfrac Well Services Ltd : CIBC cuts rating to “sector performer” from “sector outperformer”
First Quantum Minerals Ltd : Goldman Sachs cuts rating to “sell” from “neutral”
Tahoe Resources Inc : Raymond James raises rating to “strong buy” from “outperform”
U.S. ECONOMIC DATA DUE ON TUESDAY
0855 Redbook mm: Prior -1.5 pct
0855 Redbook yy: Prior 0.8 pct
1000 JOLTS job openings for Dec: Expected 5.400 mln; Prior 5.431 mln
1000 Wholesale inventories mm for Dec: Expected -0.2 pct; Prior -0.3 pct
1000 Wholesale sales mm for Dec: Expected -0.4 pct; Prior -1.0 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$1.39) (Reporting by Nikhil Kumar in Bengaluru)
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