March 7 (Reuters) - Canada’s main stock index was poised to open lower after scaling a new high for 2016 in the previous session and a 3.2 percent gain over the week.
March futures on the S&P TSX index were down 0.36 percent at 7:30 a.m. ET on Monday.
The index futures mirrored cautious sentiment on European bourses where investors abstained from placing big bets ahead of the European Central Bank’s policy meeting later this week.
Weakness in commodity prices reduced risk appetite. Copper and zinc prices retreated from four-month highs, hurt by a firmer dollar and as investors locked in gains from a rally.
The Toronto Stock Exchange’s S&P/TSX composite index rose on Friday as resource stocks tracked commodity prices higher and after data showed a better-than-expected U.S. jobs gain and record Canadian exports.
Dow Jones Industrial Average e-mini futures were down 0.22 percent at 7:30 a.m. ET. S&P 500 e-mini futures were down 0.34 percent and Nasdaq 100 e-mini futures were down 0.42 percent.
China’s CGN Mining Co Ltd, the first direct Chinese investor in a Canadian uranium project, is interested in buying stakes in more Canadian companies, a company official said on Sunday.
Corus Entertainment Inc’s minority shareholders are set to approve its C$2.65 billion ($2 billion) bid for Shaw Communications Inc’s media assets, despite vocal opposition from private equity firm Catalyst Capital, according to two sources familiar with the situation.
COMMODITIES AT 7:30 a.m. ET
Gold futures : $1,272.30; +0.19 pct
US crude : $36.56; +1.78 pct
Brent crude : $39.38; +1.73 pct
LME 3-month copper : $4,989.50; -0.76 pct
ANALYST RESEARCH HIGHLIGHTS
Endeavour Mining Corp : Raymond James cuts target price to C$13.25 from C$14; rating “outperform”
Mandalay Resources Corp : Desjardins raises target price to C$1.15 from C$1.05; rating “buy”
Oceanagold Corp : Raymond James raises rating to “outperform” from “market perform”
U.S. ECONOMIC DATA DUE ON MONDAY
1000 Employment Trends Index for Feb: Prior 128.9
1500 Consumer credit for Jan: Expected $17.00 bln; Prior $21.27 bln
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$1.34) (Reporting by Nikhil Kumar in Bengaluru; Editing by Maju Samuel)
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