June 8 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Thursday as oil prices edged up after dropping to one-month lows the previous day.
An inventories report released by the Energy Information Administration on Wednesday showed an unexpected surge in U.S. crude oil and gasoline stocks, fanning fears in an already oversupplied market.
June futures on the S&P TSX index were up 0.34 percent at 7:15 a.m. ET.
New housing price index data for April is due at 8:30 a.m. ET
Canada’s main stock index fell on Wednesday as a sharp drop in oil prices put pressure on energy shares, which slumped to an 11-month low, while investors weighed political uncertainty ahead of key events on Thursday.
Dow Jones Industrial Average e-mini futures were up 0.18 percent at 7:15 a.m. S&P 500 e-mini futures were up 0.16 percent and Nasdaq 100 e-mini futures were up 0.25 percent.
Embattled Canadian drugmaker Valeant Pharmaceuticals International Inc said it would sell its iNova Pharmaceuticals business for $930 million in cash as it looks to pay down debt.
Canadian department store operator Hudson’s Bay Co has not yet applied for a Montreal city permit to transform a historic downtown property into a Saks Fifth Avenue store, a government official said on Wednesday, raising prospects the luxury chain could miss its targeted fall 2018 launch.
Mexico’s tax agency is holding over $360 million in tax rebates owed to six Canadian miners, including $230 million to Goldcorp Inc, according to sources and official documents seen by Reuters, escalating the situation into a showdown between the Mexican government and Canadian mining firms operating there.
ANALYST RESEARCH HIGHLIGHTS
Dollarama Inc: TD Securities raises target price to C$135 from C$125
First Quantum Minerals Ltd: Jefferies cuts target price to C$14 from C$18
Cott Corp: BMO raises to “outperform” from “market perform”
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,284.5; -0.50 pct
US crude: $45.82; +0.15 pct
Brent crude: $48.08; +0.15 pct
LME 3-month copper: $5,684; +1.11 pct
U.S. ECONOMIC DATA DUE ON THURSDAY
08:30 Initial jobless claims: Expected 240,000; Prior 248,000
08:30 Jobless claims 4-week average: Prior 238,000
08:30 Continued jobless claims: Expected 1.920 mln; Prior 1.915 mln
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 Sai Sharanya Khosla in Bengaluru; Editing by Maju Samuel)
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