May 19 (Reuters) - Canada’s main stock index was set to open lower on Thursday on increased chances of a U.S. interest rate increase in June.
U.S. Federal Reserve officials said it would be appropriate to raise interest rates in June if economic data points to stronger second-quarter growth as well as firming inflation and employment, according to minutes from the latest policy meeting released on Wednesday.
June futures on the S&P TSX index were down 0.48 percent at 7:30 a.m. ET.
Wholesale Trade data is due at 8:30 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index retreated on Wednesday as mining and energy stocks fell, pressured by lower commodity prices after the Fed minutes release.
Dow Jones Industrial Average e-mini futures were down 0.17 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were down 0.21 percent and Nasdaq 100 e-mini futures were down 0.21 percent.
Buyout firm Onex Corp has revived an auction for Carestream Health that could value it at more than $3 billion, including debt, and is exploring a breakup of the U.S. medical imaging company, people familiar with the matter said.
Pacific Exploration & Production Corp said its board was in favor of a restructuring proposal submitted by Catalyst Capital Group, after comparing it with a bid by EIG Global Energy Partners.
COMMODITIES AT 7:30 a.m. ET
Gold futures : $1,254.90; -1.52 pct
US crude : $47.27; -1.91 pct
Brent crude : $47.82; -2.29 pct
LME 3-month copper : $4,583.50; -0.63 pct
ANALYST RESEARCH HIGHLIGHTS
Acadian Timber Corp : CIBC cuts rating to “sector underperformer” from “sector performer”
Russel Metals Inc : Raymond James cuts rating to “market perform” from “outperform”
Touchstone Exploration Inc : Canaccord Genuity cuts rating to “hold” from “speculative buy”
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Initial jobless claims : Expected 275,000; Prior 294,000
0830 Jobless claims 4-week Average: Prior 268,250
0830 Continued jobless claims: Expected 2.163 mln; Prior 2.161 mln
0830 National Activity Index for Apr: Prior -0.44
0830 Philly Fed Business Index for May: Expected 3.5; Prior -1.6
0830 Philly Fed 6M Index for May: Prior 42.20
0830 Philly Fed Capex Index for May: Prior 12.70
0830 Philly Fed Employment Index for May: Prior -18.50
0830 Philly Fed Prices Paid Index for May: Prior 13.20
0830 Philly Fed New Orders Index for May: Prior 0.00
1000 Leading Index change mm for Apr: Expected 0.4 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$1.31) (Reporting by Nikhil Kumar in Bengaluru; Editing by Don Sebastian)
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