May 23 (Reuters) - Futures for Canada’s main stock index were lower on Wednesday as oil prices dropped on expectations that OPEC may increase crude output to cover any supply shortages from Venezuela and Iran.
June futures on the S&P TSX index were down 0.44 percent at 7:15 a.m. ET.
Canada’s main stock index edged lower on Tuesday, breaking its longest winning run in more than four years as shares of energy and materials companies lost ground.
Dow Jones Industrial Average e-mini futures were down 0.73 percent at 7:15 a.m. ET, while S&P 500 e-mini futures fell 0.61 percent and Nasdaq 100 e-mini futures were 0.93 percent lower.
Canadian Imperial Bank of Commerce on Wednesday reported second-quarter earnings that were ahead of market expectations, helped by a strong performance by all its businesses and expansion in the United States.
Nemaska Lithium said on Tuesday it had secured funding of up to C$402 million ($314 million) from investors, which it plans to use to build a mine and processing plant to produce lithium, the key ingredient for rechargeable batteries.
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,295.9; 0.30 pct
US crude: $71.76; -0.61 pct
Brent crude: $78.91; -0.83 pct
LME 3-month copper: $6826.5; -2.19 pct
ANALYST RESEARCH HIGHLIGHTS
• MEG Energy Corp: Morgan Stanley raises rating to “overweight” from “equal weight”.
• Osisko Metals: Canaccord Genuity initiates coverage with “speculative buy” rating and price target of C$1.
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0800 Build permits R number for Apr: Prior 1.377 mln
0800 Build permits R change mm for Apr: Prior 4.1 pct
0945 Markit Composite Flash PMI for May: Prior 54.9
0945 Markit Manufacturing PMI Flash for May: Expected 56.5; Prior 56.5
0945 Markit Services PMI Flash for May: Expected 54.9; Prior 54.6
1000 New home sales-units for Apr: Expected 0.679 mln; Prior 0.694 mln
1000 New home sales change mm for Apr: Expected -2.0 pct; Prior 4.0 pct
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$1= C$1.29 Reporting by Benny Thomas in Bengaluru; Editing by Sriraj Kalluvila
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