(Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Wednesday, as the latest escalation in the China-U.S. trade war weighed on investor sentiment.
President Donald Trump said on Tuesday the United States was taking a very tough stance with China on trade, while China sought WTO authorization to impose $7 billion a year in sanctions on the United States for non-compliance with a ruling over U.S. dumping duties.
September futures on the S&P/TSX index were down 0.1 percent at 7:00 a.m. ET.
Canadian industrial capacity utilization data is due at 8:30 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX rose 37.16 points, or 0.23 percent, to 16,094.25 on Tuesday.
Dow Jones Industrial Average e-mini futures were up 0.1 percent at 7:05 a.m. ET, while S&P 500 e-mini futures were up 0.1 percent and Nasdaq 100 e-mini futures were up 0.2 percent. [.N]
TOP STORIES [TOP/CAN]
OPEC further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group’s efforts to support the market next year.
Canada is ready to offer the United States limited access to the Canadian dairy market as a concession in negotiations to rework the North American Free Trade Agreement, two Canadian sources with direct knowledge of Ottawa’s negotiating strategy said on Tuesday.
Canadian department store operator Hudson’s Bay Co said its second-quarter loss widened due to lower sales from its Lord & Taylor, Hudson’s Bay and Saks OFF 5th banners.
ANALYST RESEARCH HIGHLIGHTS [RCH/CA]
Dollarama Inc: Barclays raises price target to C$53 from C$52
Hudson’s Bay Co: RBC raises target price to C$11 from C$10
Wesdome Gold Mines Ltd: National Bank of Canada raises PT to C$4.5 from C$4
COMMODITIES AT 7:10 a.m. ET [COM/WRAP]
Gold futures: $1,195.5; fell 0.1 pct [GOL/]
US crude: $69.92; rose 0.1 pct [O/R]
Brent crude: $79.24; rose 0.23 pct [O/R]
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 PPI final demand yy for Aug: Expected 3.2 pct; Prior 3.3 pct
0830 PPI final demand mm for Aug: Expected 0.2 pct; Prior 0.0 pct
0830 PPI ex food/energy yy for Aug: Expected 2.7 pct; Prior 2.7 pct
0830 PPI ex food/energy mm for Aug: Expected 0.2 pct; Prior 0.1 pct
0830 PPI ex food/energy/transport yy for Aug: Prior 2.8 pct
0830 PPI ex food/energy/transport mm for Aug: Prior 0.3 pct
1100 TR IPSOS PCSI for Sep: Prior 62.71
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Reporting By Nachiket Tekawade in Bengaluru; Editing by Sriraj Kalluvila
Our Standards: The Thomson Reuters Trust Principles.