February 19, 2016 / 12:31 PM / 2 years ago

CANADA STOCKS-Fall in oil prices weigh on index futures

Feb 19 (Reuters) - Stock futures suggested a lower opening for Canada’s main stock index on Friday as oil prices fell after a record build in U.S. crude inventories last week stoked concerns over persistent global oversupply.

Crude stocks rose by 2.1 million barrels to a peak of 504.1 million, data from the U.S. government’s Energy Information Administration (EIA) showed on Thursday.

March futures on the S&P TSX index were down 0.5 percent at 7:15 a.m. ET.

Inflation numbers and retail sales data are due at 8:30 a.m. ET.

Annual inflation rate is expected to have edged up slightly in January to 1.7 percent from 1.6 percent in December. Last month’s annual core inflation rate is estimated at 1.9 percent, same as the previous month. Meanwhile, retail sales in December are predicted to have dropped by 0.6 percent from November.

The Toronto Stock Exchange’s S&P/TSX composite index gained for a fourth straight session on Thursday, sustaining a six-week high, as gold, consumer and telecom stocks rose.

Dow Jones Industrial Average e-mini futures were down 0.35 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.35 percent and Nasdaq 100 e-mini futures were down 0.40 percent.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORY

Fairfax Holdings reported a lower-than-expected quarterly profit, hurt by higher losses on its investments.

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,221.80; -0.35 pct

US crude : $30.13; -2.08 pct

Brent crude : $33.65; -1.84 pct

LME 3-month copper : $4,594.00; +0.4 pct

ANALYST RESEARCH HIGHLIGHTS

Bank of Montreal : KBW cuts target price to C$77 from C$79

Canadian Tire Corp : Barclays raises target price to C$143 from C$140; rating “overweight”

OceanaGold Corp : National Bank Financial raises target price to C$3.85 from C$3.65

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 CPI mm, SA for Jan: Expected -0.1 pct; Prior -0.1 pct

0830 CPI yy, NSA for Jan: Expected 1.3 pct; Prior 0.7 pct

0830 Core CPI mm, SA for Jan: Expected 0.2 pct; Prior 0.2 pct

0830 Core CPI yy, NSA for Jan: Expected 2.1 pct; Prior 2.1 pct

0830 CPI Index, NSA for Jan: Expected 236.60; Prior 236.53

0830 Core CPI Index, SA for Jan: Prior 244.52

0830 Real Weekly earnings mm for Jan: Prior 0.1 pct

1030 ECRI Weekly Index: Prior 130.0

1030 ECRI weekly annualized: Prior -2.6 pct

1130 Cleveland Fed CPI for Jan: Prior 0.1 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$1.38) (Reporting by Nikhil Kumar in Bengaluru; Editing by Maju Samuel)

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