Aug 23 (Reuters) - Futures pointed to a lower opening for Canada’s main stock index on Wednesday as oil prices fell, weighed down by concerns about rising production from Libya feeding into an oversupplied market.
September futures on the S&P TSX index were down 0.25 percent at 7:15 a.m. ET.
Canada’s main stock index rose on Tuesday as higher oil prices lent support to its energy sector, while investors trimmed exposure to some of the country’s big banks ahead of their earnings season next week.
Dow Jones Industrial Average e-mini futures were down 0.16 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.23 percent and Nasdaq 100 e-mini futures were down 0.21 percent.
Royal Bank of Canada reported a 5 percent increase in underlying third-quarter net income, helped by double-digit earnings growth at its wealth management business which offset a weaker showing in capital markets.
U.S. President Donald Trump warned on Tuesday he might terminate the NAFTA trade treaty with Mexico and Canada after three-way talks failed to bridge deep differences.
Malaysia’s Petroliam Nasional Berhad is considering investing in a pipeline to market its Canadian gas assets after scrapping plans for a liquefied natural gas project in Canada, state news agency Bernama said.
ANALYST RESEARCH HIGHLIGHTS
Teck Resources Ltd: Credit Suisse raises target price to C$36 from C$30
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1289.60; +0.31 percent
US crude: $47.69; -0.29 percent
Brent crude: $51.6; -0.52 percent
LME 3-month copper: $6588.5; +0.13 percent
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0945 Markit Composite Flash PMI for Aug: Prior 54.60
0945 Markit Manufacturing PMI Flash for Aug: Expected 53.3; Prior 53.3
0945 Markit Service PMI Flash for Aug: Expected 54.9; Prior 54.7
1000 New home sales units for July: Expected 0.612 mln; Prior 0.610 mln
1000 New home sales change mm for July: Expected 0.3 pct; Prior 0.8 pct
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$1 = C$1.26 Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Sai Sachin Ravikumar
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