March 17 (Reuters) - Stock futures pointed to a lower start for Canada’s main stock index on Thursday, giving up gains made a day earlier after the U.S. Federal Reserve cut the number of rate hikes it expects this year to two from four.
March futures on the S&P TSX index were down 0.68 percent at 7:15 a.m. ET.
Data on wholesale trade prices is due at 8:30 a.m. ET .
Canada’s main stock index rose on Wednesday as energy stocks gained, albeit less than oil prices, as the U.S. dollar plunged after the Fed’s statement.
Dow Jones Industrial Average e-mini futures were down 0.36 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.38 percent and Nasdaq 100 e-mini futures were down 0.47 percent.
Creditors of Valeant Pharmaceuticals International, which has been in violation of lender agreements since Wednesday, are beginning to demand new terms that could further pressure the drugmaker’s business model, according to three people familiar with the matter.
The Canadian government has finished studying a request from struggling planemaker Bombardier Inc for $1 billion in aid and is preparing to make an announcement within weeks, according to a source with direct knowledge of the situation.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,270.10; +3.32 pct
US crude : $39.06; +1.56 pct
Brent crude : $40.84; +1.29 pct
LME 3-month copper : $5,062.50; +2.56 pct
ANALYST RESEARCH HIGHLIGHTS
Detour Gold Corp : Goldman Sachs cuts ratings to “neutral” from “buy”
Alimentation Couche-Tard Inc : CIBC cuts target price to C$76 from C$82
WSP Global Inc : Raymond James cuts target price to C$45 from C$50
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Current account for Q4: Expected -$118.9 bln; prior -$124.1 bln
0830 Initial jobless claims: Expected 268,000; prior 259,000
0830 Jobless claims 4-week average: Prior 267,500
0830 Continued jobless claims: Expected 2.228 mln; prior 2.225 mln
0830 Philly Fed Business Index: Expected -1.7; prior -2.8
0830 Philly Fed 6M Index: Prior 17.3
0830 Philly Fed Capex Index: Prior 2.5
0830 Philly Fed Employment Index: Prior -5.0
0830 Philly Fed Prices Paid Index: Prior -2.2
0830 Philly Fed New Orders Index: Prior -5.3
1000 JOLTS job openings for Jan: Expected 5.500 mln; prior 5.607 mln
1000 Leading index change mm for Feb: Expected 0.2 pct; Prior -0.2 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$1.30) (Reporting by Riniki Sanyal in Bengaluru; Editing by Kirti Pandey)
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