Sept 12 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Monday as oil prices fell after a report showed that U.S. drillers last week continued their streak of rig additions.
Oil prices were further pressured after OPEC on Monday raised its forecast of oil supplies from non-member countries in 2017 as new fields come online and U.S. shale drillers prove more resilient than expected to cheap crude.
September futures on the S&P TSX index were down 0.26 percent at 7:15 a.m. ET.
Canada’s main stock index suffered its biggest loss since February on Friday, slumping to a five-week low as higher bond yields in major economies pressured global stock and commodity markets.
Dow Jones Industrial Average e-mini futures were down 0.60 percent at 7:15 a.m. ET. S&P 500 e-mini futures were down 0.59 percent and Nasdaq 100 e-mini futures were down 0.75 percent.
Canada’s Agrium Inc and Potash Corp of Saskatchewan Inc said they would combine, a deal that would create a fertilizer and farm retailing giant with proforma enterprise value of $36 billion but also trigger U.S. regulatory scrutiny.
ANALYST RESEARCH HIGHLIGHTS
BRP Inc : CIBC raises target price to C$31 from C$28
Canadian National Railway Co : Barclays raises target price to C$89 from C$85
Suncor Energy Inc : JP Morgan raises target price to C$40 from C$39
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1324.2; -0.44 percent
US crude : $45.03; -1.85 percent
Brent crude : $47.18; -1.73 percent
LME 3-month copper : $4605; -0.6 percent
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)
Our Standards: The Thomson Reuters Trust Principles.