Sept 5 (Reuters) - Futures pointed to a lower opening for Canada’s main stock index on Wednesday as oil prices fell after a tropical storm hitting the U.S. Gulf coast weakened, and ahead of a fresh round of North Atlantic Free Trade Agreement (NAFTA) negotiations.
Canada heads into talks in Washington to renew NAFTA determined not to back down on key issues despite threats from U.S. President Donald Trump to retaliate against the Canadian economy unless Ottawa gives ground quickly.
The reduced impact of Storm Gordon, which deviated away from oil-producing areas, helped offset support from forecasts of lower U.S. inventories and sanctions against Iran.
September futures on the S&P/TSX index were down 0.25 percent at 7:05 a.m. ET.
The Bank of Canada announces its interest rate decision at 10:00 am ET, while trade balance numbers are due at 08:30 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX fell 101.58 points, or 0.62 percent, to 16,161.30 on Tuesday.
Dow Jones Industrial Average e-mini futures were down 0.3 percent at 7:10 a.m. ET, while S&P 500 e-mini futures were down 0.21 percent and Nasdaq 100 e-mini futures were down 0.25 percent.
Canada’s auto sales fell for the sixth straight month in August, as rising interest rates put a damper on demand for new cars.
Crescent Point Energy Corp named Craig Bryksa its new chief executive officer and said it would immediately reduce 17 percent of its workforce as the Canadian energy producer looks to turn around its business.
China’s Zijin Mining Group Co will buy Canadian gold and copper miner Nevsun Resources Ltd for about C$1.86 billion the companies said on Wednesday, after Nevsun rejected multiple bids from rival Lundin Mining Corp.
ANALYST RESEARCH HIGHLIGHTS
CRH Medical Corp : RBC raises target price to C$5.5 from C$5
Laurentian Bank Of Canada: Barclays cuts target price to C$49 from C$52
COMMODITIES AT 7:10 a.m. ET
Gold futures: $1,194.8; rose 0.07 pct GOL/
US crude: $68.99; down 1.26 pct O/R
Brent crude: $77.40; down 0.99 percent O/R
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 International trade for July: Expected -$50.3 bln; Prior -$46.3 bln
0830 Goods trade balance (R) for July: Prior -72.20 bln
0945 ISM-New York Index for Aug: Prior 797.5
0945 ISM New York Business Conditions for Aug: Prior 75.0
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$1.32) (Reporting by Debanjan Bose in Bengaluru; Editing by Sriraj Kalluvila)
Our Standards: The Thomson Reuters Trust Principles.