March 8 (Reuters) - Canada’s main stock index looked set to open lower on Tuesday after another batch of weak data from China stoked concerns about the health of the global economy.
Exports from the world’s second-biggest economy tumbled 25.4 percent in February, compared with the same month last year, while its imports dropped 13.8 percent.
March futures on the S&P TSX index were down 0.23 percent at 7:30 a.m. ET.
The Canadian Mortgage and Housing Corp releases housing starts data at 8:30 a.m. ET. The seasonally adjusted annualized rate of housing starts is expected to have increased to 180,000 units in February from 165,900 units in January.
Separately, the value of Canadian building permits is expected to have dropped 2.5 percent in January after rising 11.3 percent in December. The data is due at 8:30 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index rose on Monday to a three-month high as mining and energy stocks gained on the back of higher oil and gold prices, while industrial and financial sector stocks also rallied.
Dow Jones Industrial Average e-mini futures were down 0.35 percent at 7:30 a.m. ET. S&P 500 e-mini futures were down 0.43 percent and Nasdaq 100 e-mini futures were down 0.52 percent.
Canadian home services provider Enercare Inc said its unit agreed to buy U.S-based SEHAC Holdings Corp (Service Experts Heating & Air Conditioning) for $340.8 million, excluding transaction costs, to expand in North America.
A major Canadian securities regulator on Monday ruled that Corus Entertainment Inc need not disclose more details of its C$2.65 billion ($2 billion) proposal to buy media assets from Shaw Communications Inc, meaning a shareholder vote due on Wednesday could proceed.
COMMODITIES AT 7:30 a.m. ET
Gold futures : $1,274.20; +0.87 pct
US crude : $37.85; -0.11 pct
Brent crude : $40.89; +0.12 pct
LME 3-month copper : $4,964.50; -0.71 pct
ANALYST RESEARCH HIGHLIGHTS
Canadian Pacific Railway Ltd : UBS raises target price to C$196 from C$178; rating “buy”
Raging River Exploration : Canaccord Genuity ups target price to C$11 from C$10.50; rating “buy”
Sabina Gold and Silver Corp : Canaccord Genuity starts coverage with “speculative buy” rating
U.S. ECONOMIC DATA DUE ON TUESDAY
0855 Johnson Redbook Retail Sales Index mm: Prior -2.4 pct
0855 Johnson Redbook Retail Sales Index yy: Prior 0.6 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$1.33) (Reporting by Nikhil Kumar in Bengaluru; Editing by Anil D’Silva)
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