May 3 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Tuesday following a slide in oil prices as rising output from the Middle East and Northern Sea renewed concerns about global supply glut.
June futures on the S&P TSX index were down 1 percent at 7:15 a.m. ET.
Canada’s main stock index fell on Monday as lower oil prices weighed on energy stocks, offsetting a jump in shares of Manitoba Telecom Services Inc on news of the company’s acquisition by BCE Inc.
Dow Jones Industrial Average e-mini futures were down 0.65 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.69 percent and Nasdaq 100 e-mini futures were down 0.7 percent.
No major Canadian economic releases are scheduled for the day.
Oil and gas producer Encana Corp posted a bigger-than-expected quarterly loss due to lower production amid a steep fall in oil prices.
WestJet Airlines Ltd reported a nearly 38 percent fall in quarterly profit at a time of economic weakness in oil-producing Alberta, where the airline mostly operates.
Freehold Royalties Ltd said on Monday it is buying royalty interests from Husky Energy that represent around 1,700 barrels of oil equivalent per day of western Canadian production for C$165 million.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,294.60; -0.01 pct
US crude : $44.33; -1.03 pct
Brent crude : $45.52; -0.68 pct
LME 3-month copper : $4,937.00; -2.24 pct
ANALYST RESEARCH HIGHLIGHTS
Canadian Tire : NBF raises target to C$141 from C$140; rating “sector perform”
CGI Group : Canaccord Genuity starts coverage with “buy” rating; price target C$68
Manitoba Telecom Services : Canaccord Genuity raises target price to C$37 from C$30; rating “hold”
U.S. ECONOMIC DATA DUE ON TUESDAY
0945 ISM-New York Business Conditions Index for Apr: Expected 721.0
0945 ISM NY Current Business Conditions Index for Apr: Prior 50.4
1330 Domestic car sales for Apr: Expected 5.30 mln; Prior 5.12 mln
1330 Domestic truck sales for Apr: Expected 8.30 mln; Prior 8.21 mln
1330 Total vehicle sales for Apr: Expected 17.25 mln; Prior 16.57 mln
1330 All car sales for Apr: Prior 6.91 mln
1330 All truck sales for Apr: Prior 9.66 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$1.26) (Reporting by Nikhil Kumar in Bengaluru; Editing by Maju Samuel)
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