April 24, 2019 / 11:26 AM / 3 months ago

CANADA STOCKS-Futures dip ahead of BoC's interest rate decision

April 24 (Reuters) - Futures for Canada’s main stock index inched lower on Wednesday, ahead of Bank of Canada’s interest rate decision and amid a drop in oil prices and global equities.

June futures on the S&P/TSX index were down 0.07 percent at 7:00 a.m. ET.

Bank of Canada’s interest rate decision is expected at 10:00 a.m. ET

The Toronto Stock Exchange’s S&P/TSX rose 92.12 points, or 0.56 percent, to 16,669.40 on Tuesday.

Dow Jones Industrial Average e-mini futures were up 0.15 percent at 7:00 a.m. ET, S&P 500 e-mini futures 0.01 percent and Nasdaq 100 e-mini futures 0.01 percent.

TOP STORIES

Cenovus Energy cut its 2019 oil sands production guidance by 7 percent and posted quarterly earnings well below analysts’ estimates, the first signs of the impact of a government ordered reduction in oil production.

Canadian yoga-pants specialists Lululemon Athletica forecast annual revenue growth in the low teens for the next five years.

ANALYST RESEARCH HIGHLIGHTS

Canadian Pacific Railway Ltd: Morgan Stanley raises target price to C$277 from C$272

Pembina Pipeline Corp: CIBC raises target price to C$55 from C$54

Winpak Ltd: CIBC raises target price to C$48 from C$47

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1271.1; +0.04 percent

US crude: $65.97; -0.5 percent

Brent crude: $74.41; -0.13 percent

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$1.34) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Shinjini Ganguli)

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