Aug 31 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Wednesday as crude oil prices slid on the back of a strong U.S dollar.
Worries of oversupply also played a role in lowering oil prices, although they remain on track for a monthly gain of over 10 percent.
September futures on the S&P TSX index were down 0.13 percent at 7:15 a.m. ET.
Second-quarter GDP data is due at 8:30 a.m. ET and is expected to have contracted by 1.5 percent
Canada’s main stock index edged slightly higher on Tuesday as bank and fertilizer stocks rallied, but gains for the index were mostly pared as lower gold prices weighed on mining stocks.
Dow Jones Industrial Average e-mini futures were down 0.02 percent at 7:15 a.m. ET. S&P 500 e-mini futures were up 0.01 percent and Nasdaq 100 e-mini futures were up 0.03 percent.
Canada will apply to join China-backed Asian Infrastructure Investment Bank (AIIB), the bank’s president Jin Liqun said, making it the latest ally of the United States to join the new international development bank.
Twin Butte Energy debenture holders, who on Monday rejected a takeover bid by Reignwood Resources Holding Pte Ltd, have made an alternative proposal on the deal to the Canadian oil producer’s special committee, a source familiar with the situation said on Tuesday.
ANALYST RESEARCH HIGHLIGHTS
Alimentation Couche-Tard : NBF raises target price to C$77 from C$76; “outperform”
Bank of Nova Scotia : Barclays ups price target to C$63 from C$60; “equal weight”
Crew Energy : National Bank Financial ups target to C$8.50 from C$7.50; “outperform”
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1312.6; +0.07 percent
US crude : $45.96; -0.84 percent
Brent crude : $47.88; -1.10 percent
LME 3-month copper : $4624; +0.38 percent
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0815 ADP national employment for August: Expected 175,000; Prior 179,000
0945 Chicago PMI for August: Expected 54.0; Prior 55.8
1000 Pending Homes Index for July: Prior 111.0
1000 Pending sales change mm for July: Expected 0.6 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 Sai Sharanya Khosla in Bengaluru; Editing by Maju Samuel)
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