June 5 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Monday as oil prices fell following a diplomatic rift between some of the world’s major energy producers in the Middle East.
Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed their ties with Qatar, accusing the country of supporting terrorism and opening up the worst rift in years among some of the most powerful states in the Arab world.
Oil prices gave up gains and traded down over concerns that the development could affect a global deal to reduce oil production.
June futures on the S&P TSX index were down 0.10 percent at 7:15 a.m. ET.
Canada’s main stock index fell on Friday, dragged lower by weakness in energy stocks as oil prices fell and a modest dip in heavyweight financial shares after U.S. jobs growth came in below expectations.
Dow Jones Industrial Average e-mini futures were down 0.09 percent at 7:15 a.m. ET. S&P 500 e-mini futures were down 0.11 percent and Nasdaq 100 e-mini futures were down 0.11 percent.
Canada’s Osisko Gold Royalties Ltd said it had agreed to buy a precious metals portfolio from U.S. private equity firm Orion Mine Finance Group for C$1.13 billion to expand its diamond, gold and silver asset base.
Canada has overtaken the United States as the top North American supplier of pork to China as farmers and meat packers in both nations battle for lucrative shares of the biggest global market.
ANALYST RESEARCH HIGHLIGHTS
Canfor Pulp Products Inc: CIBC cuts to “neutral” from “outperformer”
Interfor Corp: CIBC raises to “outperformer” from “neutral”
Canada Goose Holdings Inc: Barclays raises price target to C$30 from C$25
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,281.7; +0.21 pct
US crude: $47.54; -0.27 pct
Brent crude: $49.78; -0.34 pct
LME 3-month copper: $5,623; -0.74 pct
U.S. ECONOMIC DATA DUE ON MONDAY
08:30 Labor costs revised revenue for Q1: Expected 2.5 pct; Prior 3.0 pct
08:30 Productivity revised revenue for Q1: Expected 0.0 pct; Prior -0.6 pct
09:45 Markit Composite Final PMI for May: Prior 53.9
09:45 Markit Services PMI Final for May: Prior 54.0
10:00 Employment Trends for May: Prior 132.6
10:00 Durables ex-defense R mm for April: Prior -0.8 pct
10:00 Durable goods R mm for April: Prior -0.7 pct
10:00 Factory orders mm for April: Expected -0.2 pct; Prior 0.5 pct
10:00 Durables ex-transport R mm for April: Prior -0.4 pct
10:00 Non defense cap ex-air R mm for April: Prior 0.0 pct
10:00 Factory ex-transport mm for April: Prior 0.0 pct
10:00 ISM N-Manufacturing PMI for May: Expected 57.0; Prior 57.5
10:00 ISM N-Manufacturing Business Activity for May: Expected 62.0; Prior 62.4
10:00 ISM N-Manufacturing Employment Index for May: Prior 51.4
10:00 ISM N-Manufacturing New Orders Index for May: Prior 63.2
10:00 ISM N-Manufacturing Price Paid Index for May: Prior 57.6
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Canadian markets directory ($1= C$1.35) (Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Sriraj Kalluvila)
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