May 29, 2018 / 11:39 AM / 6 months ago

CANADA STOCKS-TSX futures mirror global stocks fall

May 29 (Reuters) - Futures prices pointed to a lower opening for Canada’s main stock index on Tuesday following a sell-off in global equities triggered by a worsening Italian political crisis.

Investors fear that repeat elections - which now seem inevitable in Italy - may become a de facto referendum on Italian membership of the currency bloc and the country’s role in the European Union.

June futures on the S&P TSX index were down 0.68 percent at 7:15 a.m. ET.

Canada’s main stock index fell to a more than two-week low on Monday as weaker oil prices pressured energy shares, while materials and financials also lost ground.

Prices of U.S. crude also fell 1.5 percent on Tuesday although those for Brent inched higher after a poor start.

In U.S. markets, Dow Jones Industrial Average e-mini futures were also down 0.79 percent at 7:15 a.m. ET, while S&P 500 e-mini futures fell 0.82 percent and Nasdaq 100 e-mini futures were 0.68 percent lower.

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

TOP STORIES

Strong performances from its domestic and international operations helped Bank of Nova Scotia deliver second-quarter results ahead of market expectations on Tuesday.

Canada is likely to buy Kinder Morgan Canada Ltd’s Trans Mountain oil pipeline and its proposed expansion project in an attempt to ensure that it is built, Bloomberg reported on Monday, citing a person familiar with the talks.

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1303; -0.05 pct

US crude: $66.93; -1.40 pct

Brent crude: $75.78; 0.64 pct

LME 3-month copper: $6864; -0.31 pct

ANALYST RESEARCH HIGHLIGHTS

Corus Entertainment Inc: CIBC cuts price target to C$8.50 from C$9.

Vermilion Energy Inc: TD Securities raises price target to C$55 from C$54.

U.S. ECONOMIC DATA DUE ON TUESDAY

0900 CaseShiller 20 mm SA for Mar: Expected 0.7 pct ; Prior 0.8 pct

0900 CaseShiller 20 mm NSA for Mar: Prior 0.7 pct

0900 CaseShiller 20 yy for Mar: Expected 6.5 pct ; Prior 6.8 pct

1000 Consumer Confidence for May: Expected 128.0 ; Prior 128.7

1030 Dallas Fed Manufacturing Business Index for May: Prior 21.80

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$1.30 Reporting by Benny Thomas in Bengaluru

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