CANADA STOCKS-Futures slip as oil remains on the back foot

May 26 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Friday as oil prices edged lower, and are set to close at a weekly loss of more than 3 percent.

The Organization of Petroleum Exporting Countries’ (OPEC) decision to extend output cuts until the first quarter of 2018, disappointed investors betting on longer or deeper cuts.

June futures on the S&P TSX index were down 0.12 percent at 7:15 a.m. ET.

Canada’s main stock index dipped on Thursday as a plunge in oil prices weighed on energy shares, offsetting gains for industrials and financials after quarterly earnings from some major banks impressed investors.

Dow Jones Industrial Average e-mini futures were down 0.10 percent at 7:15 a.m. ET. S&P 500 e-mini futures were down 0.13 percent and Nasdaq 100 e-mini futures were down 0.08 percent.

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Taiwan’s Cathay Financial Holdings said its two subsidiaries have completed an agreement to acquire the Malaysia unit of Bank of Nova Scotia for $255 million.

Kinder Morgan Inc has made a final investment decision on its Trans Mountain pipeline expansion, contingent on the successful public offering of its Canadian division, the company said on Thursday as it acknowledges the political uncertainty weighing on the project.

Alberta oil and gas land sales have reached levels not seen since 2014 thanks to a rush to buy land in an oil-rich pocket of the Duvernay shale play that was until recently written off as being uneconomic.


Tembec Inc: TD Securities raises target price to C$4.25 from C$4

Cenovus Energy Inc: Credit Suisse reinstates coverage with “outperform” rating; target price C$20

Hydro One Ltd: Credit Suisse reinstates coverage with “neutral” rating, target price of C$26


Gold futures: $1,266.7; +0.82 pct

US crude: $48.81; -0.18 pct

Brent crude: $51.39; -0.12 pct

LME 3-month copper: $5,691.50; -0.57 pct


08:30 Corporate profits preliminary for Q1: Expected 2.3 pct; Prior 2.3 pct

08:30 Durable goods for April: Expected -1.2 pct; Prior 1.7 pct

08:30 Durables ex-transport for April: Expected 0.5 pct; Prior 0.8 pct

08:30 Durables ex-defense mm for April: Expected 0.0 pct; Prior 1.0 pct

08:30 Nondefense cap ex-air for April: Expected 0.5 pct; Prior 0.5 pct

08:30 GDP 2nd estimate for Q1: Expected 0.9 pct; Prior 0.7 pct

08:30 GDP sales preliminary for Q1: Expected 1.8 pct; Prior 1.6 pct

08:30 GDP cons spending preliminary for Q1: Prior 0.3 pct

08:30 GDP deflator preliminary for Q1: Expected 2.3 pct; Prior 2.2 pct

08:30 Core PCE prices preliminary for Q1: Expected 2.0 pct; Prior 2.0 pct

08:30 PCE prices preliminary for Q1: Expected 2.4 pct; Prior 2.4 pct

10:00 U Mich Sentiment Final for May: Expected 97.5; Prior 97.7

10:00 U Mich Conditions Final for May: Expected 112.5; Prior 112.7

10:00 U Mich Expectations Final for May: Expected 87.9; Prior 88.1

10:00 U Mich 1 year inflation final for May: Prior 2.6 pct

10:00 U Mich 5-year inflation final for May: Prior 2.3 pct

10:30 ECRI Weekly Index: Prior 144.5

10:30 ECRI weekly annualized: Prior 5.0 pct


TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.34) (Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Maju Samuel)