April 24 (Reuters) - Futures for Canada’s main stock index inched lower on Wednesday, ahead of Bank of Canada’s interest rate decision and amid a drop in oil prices and global equities.
June futures on the S&P/TSX index were down 0.07 percent at 7:00 a.m. ET.
Bank of Canada’s interest rate decision is expected at 10:00 a.m. ET
The Toronto Stock Exchange’s S&P/TSX rose 92.12 points, or 0.56 percent, to 16,669.40 on Tuesday.
Dow Jones Industrial Average e-mini futures were up 0.15 percent at 7:00 a.m. ET, S&P 500 e-mini futures 0.01 percent and Nasdaq 100 e-mini futures 0.01 percent.
Cenovus Energy cut its 2019 oil sands production guidance by 7 percent and posted quarterly earnings well below analysts’ estimates, the first signs of the impact of a government ordered reduction in oil production.
Canadian yoga-pants specialists Lululemon Athletica forecast annual revenue growth in the low teens for the next five years.
ANALYST RESEARCH HIGHLIGHTS
Canadian Pacific Railway Ltd: Morgan Stanley raises target price to C$277 from C$272
Pembina Pipeline Corp: CIBC raises target price to C$55 from C$54
Winpak Ltd: CIBC raises target price to C$48 from C$47
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1271.1; +0.04 percent
US crude: $65.97; -0.5 percent
Brent crude: $74.41; -0.13 percent
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Canadian markets directory ($1= C$1.34) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Shinjini Ganguli)
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