March 30 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Thursday following a dip in oil prices as bloated U.S. inventories limited the impact of supply disruption in Libya.
June futures on the S&P TSX index were down 0.17 percent at 7:15 a.m. ET.
Canada producer prices, scheduled for release at 8:30 a.m. ET, likely rose 0.3 percent in February, after recording 0.4 percent rise in the prior month.
The Toronto Stock Exchange’s S&P/TSX composite index rose modestly on Wednesday as a more than 2 percent increase in oil prices boosted shares of energy and resource companies.
Dow Jones Industrial Average e-mini futures were down 0.13 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.13 percent and Nasdaq 100 e-mini futures were down 0.11 percent.
ConocoPhillips on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc for C$17.7 billion ($13.3 billion), making it the latest international oil major to pull back from a region where high costs and low crude prices have made it hard for large companies to make an acceptable return.
Billionaire hedge fund manager William Ackman has apologized to clients for betting on Valeant Pharmaceuticals International Inc, telling them he was “deeply and profoundly sorry” for losing so much of their money on the investment.
ANALYST RESEARCH HIGHLIGHTS
AGF Management Ltd: Desjardins raises target price to C$7; rating “buy”
Black Diamond Group Ltd: RBC starts coverage with “sector perform”, C$4.25 target price
Redknee Solutions Inc: RBC cuts target price to C$1 from C$1.75
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1250.2; -0.28 percent
US crude: $49.41; -0.2 percent
Brent crude: $52.16; -0.5 percent
LME 3-month copper: $5876; -0.52 percent
U.S. ECONOMIC DATA DUE ON THURSDAY
08:30 Corporate Profits Preliminary for Q4: Prior 6.7 pct
08:30 GDP final for Q4: Expected 2.0 pct; Prior 1.9 pct
08:30 GDP sales final for Q4: Expected 1.0 pct; Prior 0.9 pct
08:30 GDP consumption spending final for Q4: Prior 3.0 pct
08:30 GDP deflator final for Q4: Expected 2.0 pct; Prior 2.0 pct
08:30 Core PCE prices final for Q4: Expected 1.2 pct; Prior 1.2 pct
08:30 PCE prices final for Q4: Expected 2.1 pct; Prior 1.9 pct
08:30 Initial jobless claims: Expected 248,000; Prior 261,000
08:30 Jobless claims 4-week average: Prior 246,500
08:30 Continued jobless claims: Expected 2.020 mln; Prior 1.990 mln
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Canadian markets directory ($1= C$1.33) (Reporting by Nikhil Kumar in Bengaluru; Editing by Saumyadeb Chakrabarty)
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