April 28 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Thursday as oil prices fell after hitting a 2016 high on Wednesday.
June futures on the S&P TSX index were down 0.70 percent at 7:30 a.m. ET.
No major economic events are scheduled for the day.
Canada’s main stock index rose on Wednesday as higher oil prices supported energy stocks, while financial and materials stocks also advanced after the Federal Reserve kept interest rates unchanged.
Dow Jones Industrial Average e-mini futures were down 0.81 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were down 0.74 percent and Nasdaq 100 e-mini futures were down 0.45 percent.
Potash Corp of Saskatchewan , the world’s biggest fertilizer company by capacity, cut its full-year profit forecast due to weak demand and lower prices.
Bombardier Inc announced on Thursday a much-anticipated order from Delta Air Lines for up to 125 of its CSeries passenger jets, throwing a lifeline to the Canadian company, which also reported a quarterly loss.
Drugmaker Valeant Pharmaceuticals International Inc is expected to name four new directors as soon as Friday, the Wall Street Journal reported.
COMMODITIES AT 7:30 a.m. ET
Gold futures : $1,254.80; +0.42 pct
US crude : $45.16; -0.35 pct
Brent crude : $47.09; -0.17 pct
LME 3-month copper : $4,882.05; -0.42 pct
ANALYST RESEARCH HIGHLIGHTS
Cenovus Energy Inc : Barclays raises target price to C$20 from C$19; rating underweight
Open Text Corp : Barclays cuts target price to C$71 from C$78; rating overweight
CGI Group Inc : BMO raises price target to C$64 from C$63; rating outperform
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 GDP advance for Q1: Expected 0.7 pct; Prior 1.4 pct
0830 GDP sales advance for Q1: Expected 0.8 pct; Prior 1.6 pct
0830 GDP cons spending advanced for Q1: Prior 2.4 pct
0830 GDP deflator advance for Q1: Expected 0.6 pct; Prior 0.9 pct
0830 Core PCE prices advance for Q1: Expected 1.9 pct; Prior 1.3 pct
0830 PCE prices advance for Q1: Expected 0.2 pct; Prior 0.3 pct
0830 Initial jobless claims: Expected 260,000; Prior 247,000
0830 Jobless claims 4-week average: Prior 260,500
0830 Continued jobless claims: Expected 2.137 mln; Prior 2.137 mln
1100 KC Fed Manufacturing for Apr: Prior -14
1100 KC Fed Composite Index for Apr: Prior -6
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$1 = C$1.26 Reporting by Anjali James in Bengaluru; Editing by Maju Samuel
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