July 26, 2016 / 11:47 AM / in a year

CANADA STOCKS-Futures down as oil prices fall to near 3-month lows

July 26 (Reuters) - Stock futures pointed to a lower start for Canada’s main stock index on Tuesday as oil prices fell to their lowest level in nearly three months.

Oil hit its lowest since May, falling towards $44 per barrel, pressured by concerns that a long-awaited rebalancing of the market would be delayed due to excess supply.

September futures on the S&P TSX index were down 0.11 percent at 7:30 a.m. ET.

Canada’s benchmark stock index lost ground on Monday, weighed by energy stocks that retreated with oil and to a lesser extent by gold miners hurt by lower prices for bullion.

No major Canadian data is scheduled for release on Tuesday.

Dow Jones Industrial Average e-mini futures were up 0.01 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were down 0.07 percent and Nasdaq 100 e-mini futures were up 0.05 percent.

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

TOP STORIES

WestJet Airlines Ltd reported higher-than-expected quarterly revenue and profit as its passenger traffic rose and fuel costs fell.

Canadian National Railway Co reported better-than-expected quarterly earnings on Monday. A decline in shipments cut into Canadian National’s revenue, but the company said it expected volumes to improve in the months ahead.

COMMODITIES AT 7:30 a.m. ET

Gold futures : $1,315.20; -0.31 pct

US crude : $42.68; -1.04 pct

Brent crude : $44.40; -0.72 pct

LME 3-month copper : $4,877.50; -0.44 pct

ANALYST RESEARCH HIGHLIGHTS

Canadian National Railway Co : CIBC raises price target to C$86 from C$84

Great-West Lifeco Inc : Canaccord Genuity cuts rating to “sell” from “hold”

Teck Resources Ltd : Barclays raises price target to C$16 from C$8

U.S. ECONOMIC DATA DUE ON TUESDAY

0855 Johnson Redbook Index mm: Prior -0.5 pct

0855 Johnson Redbook Index yy: Prior 0.4 pct

0900 S&P/Case Shiller composite index of 20 metropolitan areas mm SA for May: Expected 0.2 pct; Prior 0.5 pct

0900 S&P/Case Shiller composite index of 20 metropolitan areas mm NSA for May: Prior 1.1 pct

0900 S&P/Case Shiller composite index of 20 metropolitan areas yy for May: Expected 5.6 pct; Prior 5.4 pct

0945 Markit Composite Flash PMI for Jul: Prior 51.2

0945 Markit Services PMI Flash for Jul: Expected 52; Prior 51.4

1000 Consumer confidence index for Jul: Expected 95.8; Prior 98

1000 New home sales-units for Jun: Expected 0.560 mln; Prior 0.551 mln

1000 New home sales change mm for Jun: Expected 1.6 pct; Prior -6.0 pct

1000 Rich Fed Composite Index for Jul: Prior -7

1000 Rich Fed, Services Index for Jul: Prior 0

1000 Rich Fed Manufacturing Shipments for Jul: Prior -3

1030 Texas Service Sector Outlook for Jul: Prior -7.7

1030 Dallas Fed Services Revenue for Jul: Prior 15.6

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$1.32) (Reporting by Nikhil Kumar in Bengaluru; Editing by Kirti Pandey)

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