April 21 (Reuters) - Canada’s main stock index was set for a modestly lower opening on Friday after oil prices fell over doubts that OPEC-lead production cut will restore balance to an oversupplied market.
June futures on the S&P TSX index were down 0.04 percent at 7:15 a.m. ET.
Investors will look forward to inflation data scheduled for release at 8:30 a.m. ET. Data from Statistics Canada is likely to show the country’s annual inflation rate slipped to 1.8 percent in March from 2 percent in February.
Canada’s main stock index rose on Thursday after shares of Canadian Pacific Railway Ltd jumped on an upbeat earnings report and mining shares benefited from a gain in commodity prices.
Dow Jones Industrial Average e-mini futures were up 0.05 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.13 percent and Nasdaq 100 e-mini futures were up 0.19 percent.
Canadian engineering and construction company SNC-Lavalin Group Inc on Thursday said it would buy British engineering and consultancy firm WS Atkins Plc for C$3.6 billion ($2.67 bill1ion), firming up an indicative offer it made earlier this month.
In a move seen as a victory for net neutrality advocates, Canada’s telecom regulator said all data delivered online should be treated equally by internet service providers as it blocked one company’s effort to leverage content to win customers.
ANALYST RESEARCH HIGHLIGHTS
First Quantum Minerals Ltd: Barclays cuts target price to C$14.00 from C$14.20
Home Capital Group Inc: TD Securities cuts target price to C$23 from C$33
Hudson’s Bay Co: Credit Suisse cuts rating to “neutral” from “outperform”
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1281.8; -0.01 percent
US crude: $50.65; -0.12 percent
Brent crude: $52.97; -0.04 percent
LME 3-month copper: $5637; +0.25 percent
U.S. ECONOMIC DATA DUE ON FRIDAY
0945 Markit Composite Flash PMI for Apr: Prior 53.00
0945 Markit Manufacturing PMI Flash for Apr: Expected 53.5; Prior 53.3
0945 Markit Services PMI Flash for Apr: Expected 53.0; Prior 52.8
1000 Existing home sales for Mar: Expected 5.60 mln; Prior 5.48 mln
1000 Existing home sales percentage change for Mar: Expected 2.5 pct; Prior -3.7 pct
1030 ECRI Weekly Index: Prior 145.2
1030 ECRI weekly annualized: Prior 7.1 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$1.35) (Reporting by Nikhil Kumar in Bengaluru; Editing by Maju Samuel)
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