March 2 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Friday, weighed down by trade war fears and declining oil prices.
A day after announcing steep tariffs on imports of steel and aluminum, U.S. President Donald Trump tweeted that “trade wars are good, and easy to win”.
March futures on the S&P TSX index were down 0.31 percent at 7:15 a.m. ET.
Canada’s gross domestic product report for the fourth quarter is due at 8:30 a.m. ET. The country’s economy likely cooled in the second half of last year, with analysts expecting the annualized report to come in below the Bank of Canada’s 2.5 percent forecast.
Canada’s main stock index fell to a more than two-week low on Thursday, weighed by declines for auto parts, railroad and steel companies as global investors worried about the impact of more protectionist trade policies proposed by Trump.
Dow Jones Industrial Average e-mini futures were down 0.79 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.51 percent and Nasdaq 100 e-mini futures were down 0.78 percent.
Markets are adapting to making their own forecasts on where interest rates are going, the head of the Bank of Canada said on Thursday, though he acknowledged the decision to drop forward guidance four years ago has met some criticism.
Canadian retailer Mountain Equipment Co-op (MEC) said on Thursday it suspended new orders from five outdoor activity brands owned by Vista Outdoor Inc, which also makes guns and ammunition, as the U.S. gun control debate spilled across the border.
Canadian marijuana producer Canopy Growth Corp will list on the Nasdaq “in due course,” Chief Executive Officer Bruce Linton said on Thursday.
Bank of Montreal on Thursday unveiled plans to open a new office in Toronto, where the now bankrupt Sears Canada’s headquarters used to be.
ANALYST RESEARCH HIGHLIGHTS
Crescent Point Energy Corp: TD Securities cuts target price to C$14.50 from C$15.50
Toronto-Dominion Bank: Eight Capital raises target price to C$86 from C$76.
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1320.3; +1.34 percent
US crude: $60.63; -0.59 percent
Brent crude: $63.44; -0.61 percent
LME 3-month copper: $6926; -0.06 percent
U.S. ECONOMIC DATA DUE ON FRIDAY
0845 ISM-New York Index for Feb: Prior 767.9
0845 ISM Newyork Business Conditions for Feb: Prior 72.5
1000 U Mich Sentiment Final for Feb: Expected 99.5; Prior 95.7
1000 U Mich Conditions Final for Feb: Prior 110.5
1000 U Mich Expectations Final for Feb: Prior 86.3
1000 U Mich 1 year inflation final for Feb: Prior 2.7 pct
1000 U Mich 5-year inflation final for Feb: Prior 2.5 pct
1030 ECRI Weekly Index: Prior 149.0
1030 ECRI weekly annualized: Prior 7.5 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$1.29) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Anil D’Silva)
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