June 6 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Tuesday, as an ongoing diplomatic rift between Qatar and several Arab states sparked concerns that it would weigh on the OPEC’s decision to curb oil production.
While some analysts believe that Qatar being cut off will have minimal impact on the OPEC accord in the long run, rising U.S. production is also putting pressure on oil prices, nullifying any OPEC agreement.
June futures on the S&P TSX index were down 0.24 percent at 7:15 a.m. ET.
Canada’s main stock index fell on Monday as financial stocks dipped amid signs of cooling in Toronto’s overheated housing market, while a rebound in energy stocks tempered some losses.
Dow Jones Industrial Average e-mini futures were down 0.17 percent at 7:15 a.m. ET. S&P 500 e-mini futures were down 0.21 percent and Nasdaq 100 e-mini futures were down 0.09 percent.
Canadian energy company Fortis Inc could beat its annual 5 percent growth target with new LNG and power transmission projects in the United States and Canada, the company’s chief executive said in an interview on Monday.
Japan’s Sumitomo Metal Mining Co said it had agreed to take a 27.75-percent interest in a Canadian gold mining project from Toronto-based Iamgold Corp for $195 million.
BlackBerry Ltd on Monday downplayed news that Toyota Motor Corp would adopt rival software for its future vehicle consoles, saying it was more focused on the faster-growing market for autonomous driving technology.
ANALYST RESEARCH HIGHLIGHTS
Asanko Gold Inc: CIBC cuts price target to C$2.85 from C$3.85
Norbord Inc: CIBC raises to “outperform” from “neutral”
Western Forest Products Inc: CIBC raises to “outperformer” from “neutral”
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,291.6; +0.85 pct
US crude: $47.26; -0.30 pct
Brent crude: $49.32; -0.30 pct
LME 3-month copper: $5,556.50; -1.24 pct
U.S. ECONOMIC DATA DUE ON TUESDAY
10:00 JOLTS job openings for April: Prior 5.743 mln
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Canadian markets directory ($1= C$1.35) (Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Shounak Dasgupta)
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