June 7 (Reuters) - Canadian stock futures pointed to a modestly higher opening on Tuesday, a day after Federal Reserve Chair Janet Yellen dampened speculation about an imminent U.S. interest rate hike, and as crude prices stayed near 2016 highs.
June futures on the S&P TSX index were up 0.14 percent at 7:15 a.m. ET.
Ivey PMI data is due at 10:00 a.m. ET
Canada’s main stock index hit a more than nine-month high on Monday as commodity price gains helped boost the heavyweight energy sector and base metal miners, although gold miners pulled back after last week’s rally.
Dow Jones Industrial Average e-mini futures were up 0.28 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.25 percent and Nasdaq 100 e-mini futures were up 0.34 percent.
Valeant Pharmaceuticals International Inc, which is under scrutiny for business and accounting practices, reported a lower-than-expected quarterly profit and cut its full-year earnings and revenue forecasts.
A weaker economy in Kyrgyzstan is to blame for the Central Asian state “turning up the heat” on Centerra Gold Inc in recent weeks as the country guns for a bigger slice of the miner’s profits, Centerra’s CEO said on Monday.
Canadian portfolio manager Martin Grosskopf is betting heavily on alternative fuel vehicles overtaking traditional cars as a pillar of the no-fossil-fuels allocation strategy of his AGF Investments sustainable fund.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,241.70; -0.23 pct
US crude : $50.14; +0.93 pct
Brent crude : $51.03; +0.93 pct
LME 3-month copper : $4,592.00; -2.03 pct
ANALYST RESEARCH HIGHLIGHTS
Altagas : Raymond James cuts target price to C$33 from C$35
Emera Inc : Barclays raises price target to C$52 from C$50
Firstservice Corp : Raymond James cuts ratings to “market perform” from “outperform”
U.S. ECONOMIC DATA DUE ON TUESDAY
0830 Labor costs revised for Q1: Expected 4.0 pct; Prior 4.1 pct
0830 Productivity revised for Q1: Expected -0.6 pct; Prior -1.0 pct
0855 Redbook mm: Prior 2.2 pct
0855 Redbook yy: Prior 0.9 pct
1500 Consumer credit for Apr: Expected 18.00 bln; Prior 29.67 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$1.28 Reporting by Riniki Sanyal in Bengaluru; Editing by Savio D’Souza
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