Jan 24 (Reuters) - Futures on Canada’s main stock index edged lower on Wednesday, weighed down by weaker Brent crude prices due to rising U.S. crude inventories.
March futures on the S&P TSX index were down 0.09 percent at 7:15 a.m. ET.
On Tuesday, Canada’s benchmark stock index reversed earlier losses to close marginally higher, lifted by positive sentiment globally as well as higher oil and gold prices.
Dow Jones Industrial Average e-mini futures were up 0.26 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.18 percent and Nasdaq 100 e-mini futures were up 0.12 percent.
Canadian National Railway Co on Tuesday reported a lower-than-expected adjusted profit for the fourth quarter due to the heavy expenses it incurred to grow its business, sending shares of Canada’s biggest freight railroad lower.
Bombardier on Tuesday attempted to draw its Brazilian rival Embraer SA into a hotly contested trade dispute, two days before a U.S. agency will rule on whether duties should be slapped on American sales of the Canadian plane-and-train-maker’s largest jet.
Officials opened a key round of negotiations to modernize NAFTA on Tuesday amid optimistic signs, as U.S. President Donald Trump said the talks were going “pretty well” and Canada’s chief negotiator said he had high hopes for progress.
ANALYST RESEARCH HIGHLIGHTS
Alimentation Couche-Tard Inc: Barclays raises price target to C$78 from $76
Encana Corp: Morgan Stanley raises rating to overweight from equal weight
Husky Energy Inc: Morgan Stanley cuts to underweight from equal weight rating
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,335.7; was unchanged 0 pct [GOL/
U.S. crude: $64.63; +0.25 pct
Brent crude: $69.85; -0.16 pct
LME 3-month copper: $6,978.5; +0.8 pct
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0900 Monthly home price mm for Nov: Prior 0.5 pct
0900 Monthly home price yy for Nov: Prior 6.6 pct
0900 Monthly Home Price Index mm for Nov: Prior 254.7
0945 Markit Composite Flash PMI for Jan: Prior 54.1
0945 Markit Manufacturing PMI Flash for Jan: Expected 55.0; Prior 55.1
0945 Markit Services PMI Flash for Jan: Expected 54.0; Prior 53.7
1000 Existing home sales for Dec: Expected 5.70 mln; Prior 5.81 mln
1000 Existing home sales percentage change for Dec: Expected -2.2 pct; Prior 5.6 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$1.23) (Reporting by Nandi Kaul in Bengaluru; Editing by Arun Koyyur)
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