Feb 25 (Reuters) - Stock futures pointed to a lower start for Canada’s main stock index on Wednesday, a day after weaker-than-expected quarterly earnings from Bank of Montreal dragged down the index.
March futures on the S&P TSX index were down 0.24 percent at 7:15 a.m. ET.
No major economic events are scheduled for the day.
Canada’s main stock index fell on Tuesday as a decline in oil and gas shares and a drop in Bank of Montreal offset optimism spurred by comments by U.S. Federal Reserve Chair Janet Yellen on monetary policy direction.
Dow Jones Industrial Average e-mini futures were down 0.05 percent at 7:15 a.m. ET on Wednesday, S&P 500 e-mini futures were down 0.15 percent and Nasdaq 100 e-mini futures were down 0.19 percent.
Royal Bank of Canada, the country’s biggest lender, said quarterly net profit jumped 17 percent, helped by gains in its personal and commercial banking and capital markets businesses.
Encana Corp , Canada’s largest natural gas producer, reported an 84.5 percent drop in operating profit for the fourth quarter, hurt by a fall in natural gas production and weak oil prices.
Canadian auto parts maker Magna International Inc cut its revenue forecast for 2015, hurt by weak demand from Europe.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,196.90; unchanged
US crude : $49.54; +0.53 pct
Brent crude : $59.14; +0.82 pct
LME 3-month copper : $5,790; +0.09 pct
ANALYST RESEARCH HIGHLIGHTS
Bank of Montreal : CIBC cuts price target to C$83 from C$84
Catamaran Corp : CIBC raises price target to C$77.50 from C$62.0
IAMGOLD Corp : HSBC raises to “overweight” from “underweight”
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1000 New home sales unit mm for Jan: Expected +0.470 mln; Prior +0.481 mln
1000 New home sales change mm for Jan: Prior +11.6 pct
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$1.24) (Reporting by Nandi Kaul in Bengaluru; Editing by Kirti Pandey)
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