July 5 (Reuters) - Stock futures pointed to a lower open for Canada’s main stock index on Wednesday after oil prices tumbled more than 1 percent, pressured by rising OPEC exports and strong U.S. dollar.
September futures on the S&P TSX index were down 0.27 percent at 7:25 a.m. ET.
Canada’s main stock index fell on Tuesday to its lowest close in nearly seven months, as precious metal miners and technology shares led a retreat in lighter than usual trading volumes with U.S. markets closed for Independence Day.
No major Canadian economic releases are scheduled for release.
Dow Jones Industrial Average e-mini futures were up 0.03 percent at 7:25 a.m. ET, while S&P 500 e-mini futures were up 0.05 percent and Nasdaq 100 e-mini futures were down 0.25 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here)
Canada’s inflation should be well into an uptrend by the first half of 2018, the Bank of Canada’s head told a German newspaper, adding that policy normalization must begin before price growth hits its target in the latest hawkish comments from the central bank.
ANALYST RESEARCH HIGHLIGHTS
Athabasca Oil Corp: Raymond James cuts rating to “market perform” from “outperform”
Jean Coutu Group PJC Inc: Barclays cuts target price to C$17 from C$19; rating “underweight”
Veresen Inc: TD Securities raises target price to C$18.50 from C$11
COMMODITIES AT 7:25 a.m. ET
Gold futures: $1218.4; +0.04 percent
US crude: $46.29; -1.66 percent
Brent crude: $48.9; -1.43 percent
LME 3-month copper: $5850; -0.71 percent
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0945 ISM-New York Index for Jun: Prior 736.4
0945 ISM Newyork Business Conditions for Jun: Prior 46.7
1000 Durables ex-defense R mm for May: Prior -0.6 pct
1000 Durable goods R mm for May: Prior -1.1 pct
1000 Factory orders mm for May: Expected -0.5 pct; Prior -0.2 pct
1000 Durables ex-transport R mm for May: Prior 0.1 pct
1000 Non defense cap ex-air R mm for May: Prior -0.2 pct
1000 Factory ex-transport mm for May: Prior 0.1 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$1.30) (Reporting by Nikhil Kumar in Bengaluru; Editing by Anil D’Silva)
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