Sept 13 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Tuesday as oil prices fell further on fears that the problem of oversupply may persist for much longer than anticipated.
The International Energy Agency said global supply would outpace demand well into the next year, a stark contrast to its assessment from a month ago that the market would show no surplus for the remainder of this year.
September futures on the S&P TSX index were down 0.37 percent at 7:15 a.m. ET.
Canada’s main stock index rose on Monday, boosted by a surge in shares of Open Text Corp after the software company acquired a rival’s assets, and by reduced bets on a U.S. Federal Reserve interest rate hike happening soon.
Dow Jones Industrial Average e-mini futures were down 0.52 percent at 7:15 a.m. ET. S&P 500 e-mini futures were down 0.57 percent and Nasdaq 100 e-mini futures were down 0.56 percent. (Morning News Call newsletter link.reuters.com/nex49s ; The Day Ahead newsletter link.reuters.com/mex49s)
United Auto Workers President Dennis Williams said on Monday the U.S. union will support Canada’s unionized auto workers during contract talks with General Motors Co but declined to say whether the UAW would refuse work at GM plants in the event of a Canadian strike.
ANALYST RESEARCH HIGHLIGHTS
5N Plus Inc : National Bank Financial raises to “outperform” from “sector perform”
Sandvine Corp : Canaccord Genuity cuts target price to C$3.75 from C$4.25; “buy”
Luna Gold : National Bank Financial resumes with “sector perform”; target C$0.35
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1321; was unchanged 0 percent
US crude : $45.21; -2.27 percent
Brent crude : $47.38; -1.86 percent
LME 3-month copper : $4673; +0.51 percent
U.S. ECONOMIC DATA DUE ON TUESDAY
0855 Redbook mm: Prior -0.1 pct
0855 Redbook yy: Prior 0.8 pct
1400 Federal budget for August: Expected -108.0 bln; Prior -113.0 bln
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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 Saumyadeb Chakrabarty)
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