June 25 (Reuters) - Canadian stocks looked set to open higher on Wednesday, with June futures on the S&P TSX index <0#SXF:> up 0.08 percent at 0715 ET.
The index fell sharply from near-record levels on Tuesday as investors nervous about the pace of the market’s recent rise pared positions, particularly in resources stocks.
No major Canadian economic data is due for release on Wednesday.
Dow Jones Industrial Average e-mini futures were down 0.01 percent at 0715 ET, while S&P 500 e-mini futures were up 0.05 percent and Nasdaq 100 e-mini futures were down 0.04 percent.
First Quantum has delayed investment projects worth more than $1 billion in Zambia due to uncertainty over the fiscal regime in Africa’s second biggest copper producer, a director said on Tuesday.
The board of Timmins Gold Corp is standing behind the company’s management but plans to shake up its own ranks in the midst of a proxy fight with top shareholder Sentry Investments.
COMMODITIES AT 0715 ET
Gold futures : $1,313.3; -0.58 pct
US crude : $106.45; +0.4 pct
Brent crude : $113.77; -0.6 pct
LME 3-month copper : $6,877.25; -0.11 pct
ANALYST RESEARCH HIGHLIGHTS
Africa Oil Corp : Dundee Capital cuts target to C$14.70 from C$14.80; rating buy
AGF Management : NBF cuts to sector perform; target to C$13 from C$14
Crown Point Energy Inc : Canaccord Genuity cuts to hold from speculative buy
Intact Financial Corp : Barclays starts with overweight; target price C$80
U.S. ECONOMIC DATA DUE ON WEDNESADAY
0830 Corporate profits rev for Q1: Prior -13.7 pct
0830 Durable goods for May: Expected +0.0 pct, prior +0.6 pct
0830 Durables ex-transport for May: Expected +0.4 pct, prior +0.3 pct
0830 Durables ex-defense mm for May: Expected +0.8 pct, prior -1.0 pct
0830 Nondefense ex-air for May: Expected +0.5 pct, prior -1.2 pct
0830 GDP final for Q1: Expected -1.7 pct, prior -1.0 pct
0830 GDP sales final for Q1: Expected +0.0 pct, prior +0.6 pct
0830 GDP cons spending final for Q1: Prior +3.1 pct
0830 GDP deflator final for Q1: Expected +1.3 pct, prior +1.3 pct
0830 Core PCE prices final for Q1: Expected +1.2 pct, prior +1.2 pct
0830 PCE prices final for Q1: Expected +1.4 pct, prior +1.4 pct
0945 Markit comp flash PMI for June: Prior +58.60
0945 Markit services PMI flash for June: Expected +58.0, prior +58.1
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$1= $1.07 Canadian Reporting by Mononshila Deka in Bangalore; Editing by Ted Kerr
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