(Refiles to add dateline) Jan 29 (Reuters) - Canada’s main stock index was set to open lower on Monday after oil prices fell as higher U.S. output offset efforts by the OPEC and Russia to tighten supplies.
Oil eased below $70 a barrel but were still on track for their strongest start to year in five years.
Separately, officials from the United States, Canada and Mexico will wrap up the sixth of seven planned rounds of talks on the North American Free Trade Agreement in Montreal on Monday, with little sign of agreement on the toughest U.S. proposals to overhaul the $1.2 trillion pact.
March futures on the S&P TSX index were down 0.28 percent at 7:15 a.m. ET.
On Friday, Canada’s main stock index rose, led by shares in Bombardier Inc, which closed up more than 15 percent after it won an unexpected trade victory against U.S. planemaker Boeing Co.
Dow Jones Industrial Average e-mini futures were down 0.15 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.24 percent and Nasdaq 100 e-mini futures were down 0.25 percent.
U.S. lawmakers attending NAFTA talks in Montreal expressed optimism on Sunday that efforts to update the trade pact would avoid collapse and start gaining momentum and said they urged negotiators not to bind themselves to a specific deadline.
Canadian cannabis producer Aphria Inc said on Monday it would buy rival Nuuvera Inc for $826 million to expand into Europe, Africa and the Middle East.
ANALYST RESEARCH HIGHLIGHTS
First Majestic Silver: National Bank of Canada cuts rating to sector perform from outperform
Rogers Communications: Desjardins cuts price target to C$70 from C$71
TSO3 Inc: Canaccord Genuity cuts price target to C$2.75 from C$4.25
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,342; -0.73 pct
US crude: $65.84; -0.45 pct
Brent crude: $69.92; -0.85 pct
LME 3-month copper: $7,105.00; +0.28 pct
U.S. ECONOMIC DATA DUE ON MONDAY
0830 Personal consumption real mm for Dec: Prior 0.4 pct
0830 Personal income mm for Dec: Expected 0.3 pct; Prior 0.3 pct
0830 Consumption, adjusted mm for Dec: Expected 0.4 pct; Prior 0.6 pct
0830 Core PCE price index mm for Dec: Expected 0.2 pct; Prior 0.1 pct
0830 Core PCE price index yy for Dec: Expected 1.5 pct; Prior 1.5 pct
0830 PCE price index mm for Dec: Prior 0.2 pct
0830 PCE price index yy for Dec: Prior 1.8 pct
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Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.23) (Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur)
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