March 2 (Reuters) - Canada’s main stock index was poised to open lower on Wednesday, after four days of gains, as oil prices slipped after a U.S. industry report showed crude stockpiles rose to a record.
Global benchmark Brent crude was down 1.09 percent at $36.43 per barrel, after hitting a near two-month high of $37.25 on Tuesday. U.S. crude, also known as WTI, was down 1.98 percent at $33.72.
March futures on the S&P TSX index were down 0.31 percent at 7:15 a.m. ET.
Canada’s benchmark stock index rose on Tuesday, led by financial shares after Scotiabank reported a rise in quarterly profit, while data showed the economy grew more than expected in the fourth quarter.
Dow Jones Industrial Average e-mini futures were down 0.26 percent at 7:15 a.m. ET. S&P 500 e-mini futures were down 0.28 percent and Nasdaq 100 e-mini futures were down 0.19 percent.
A U.S. regulatory probe of Valeant Pharmaceuticals International Inc is focused on the drugmaker’s relationship with specialty pharmacy Philidor RX Services and was triggered by Valeant’s own request that regulators investigate a short seller’s allegations, people familiar with the matter said.
Torstar Corp, owner of Canada’s largest circulation daily newspaper, posted a quarterly loss as print advertising revenue continues to slide.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,229.00; -0.11 pct
US crude : $33.72; -1.98 pct
Brent crude : $36.43; -1.09 pct
LME 3-month copper : $4,794.50; +1.66 pct
ANALYST RESEARCH HIGHLIGHTS
Avigilon Corp : Canaccord Genuity raises target price to C$30 from C$27; rating “buy”
GDI Integrated Facility : CIBC cuts rating to “sector performer” from “sector outperformer”
Maple Leaf Foods Inc : BMO raises target price to C$24 from C$21; rating “market perform”
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0815 ADP national employment report for Feb: Expected 190,000; Prior 205,000
0945 ISM-New York National Association of Purchasing Management Index for Feb: Prior 718.9
0945 ISM New York business conditions for Feb: Prior 54.6
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$1.35) (Reporting by Nikhil Kumar in Bengaluru; Editing by Savio D’Souza)
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