October 23 (Reuters) - Canada’s main stock index futures edged lower on Wednesday, weighed by lower oil prices, which declined on data showing a bigger-than-expected rise in U.S. crude stocks.
However, the prospect of a deeper output cuts by OPEC and its allies offered support.
December futures on the S&P/TSX index were down 0.1% at 7:00 a.m. ET.
Wholesale trade data for August is due at 8:30 a.m. ET
The Toronto Stock Exchange’s S&P/TSX composite index fell 0.16% to 16,391.52 on Tuesday.
Dow Jones Industrial Average e-mini futures were down 0.29% at 7:00 a.m. ET, S&P 500 e-mini futures 0.17% and Nasdaq 100 e-mini futures 0.11%.
Canadian National Railway Co cut its adjusted profit forecast for the year and said it expects the first half of 2020 to be “challenging” as freight demand in North America takes a hit from a weakening economy.
ANALYST RESEARCH HIGHLIGHTS
Capital Power Corp: CIBC cuts target price to C$32 from C$33
Enbridge Inc: CIBC cuts target price to C$56 from C$57
Fortis Inc: CIBC raises target price to C$57 from C$56
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1490.6; +0.47%
US crude: $53.94; -0.99%
Brent crude: $59.25; -0.75%
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0900 Monthly home price mm for Aug: Prior 0.4%
0900 Monthly home price yy for Aug: Prior 5.0 %
0900 Monthly Home Price Index for Aug: Prior 276.9
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$1= C$1.31 Reporting by Nachiket Tekawade in Bengaluru; Editing by Shinjini Ganguli
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