May 18, 2017 / 11:55 AM / 5 months ago

CANADA STOCKS-TSX set to open lower on U.S. political turmoil

May 18 (Reuters) - Futures on Canada’s main stock index dipped on Thursday, a day after the index posted its lowest close in nearly five months, as uncertainty over U.S. President Donald Trump’s political future weighed down global stocks.

Adding to the dour mood, oil prices fell on signs that the market was well supplied with crude despite production cuts by OPEC and major exporters.

Market tensions remained high following reports that Trump had tried to intervene in an investigation into alleged Russian interference in last year’s U.S. election and that his aides had numerous undisclosed contacts with Russian officials.

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

Foreign securities data for March is due at 8:30 a.m. ET.

Canada’s main stock index slumped on Wednesday as global markets worried that U.S. President Donald Trump’s pro-business economic agenda could be slowed by political scandals.

Dow Jones Industrial Average e-mini futures were down 0.33 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.22 percent and Nasdaq 100 e-mini futures were down 0.22 percent.

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TOP STORIES

Canada’s biggest non-bank lender Home Capital Group Inc named a new director and said one of its initial investors would step down from the board.

U.S. government officials are set to begin investigating Boeing Co’s unfair trade claims against Canadian rival Bombardier, a two-track action that could lead to U.S. duties on Bombardier’s new jetliner and also pits Boeing against Delta Air Lines Inc.

ANALYST RESEARCH HIGHLIGHTS

Aimia Inc: TD Securities cuts target price to C$3.75 from C$9.50

Bank of Montreal: Citigroup raises rating to “buy” from “neutral”

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1,261.8; +0.26 pct

US crude: $48.32; -1.53 pct

Brent crude: $51.42; -1.55 pct

LME 3-month copper: $5,504.00; -1.89 pct

U.S. ECONOMIC DATA DUE ON THURSDAY

08:30 Initial jobless claims: Expected 240,000; Prior 236,000

08:30 Jobless claims 4-week average: Prior 243,500

08:30 Continued jobless claims: Expected 1.960 mln; Prior 1.918 mln

08:30 Philly Fed Business Index for May: Expected 19.5; Prior 22.0

08:30 Philly Fed 6M Index for May: Prior 45.40

08:30 Philly Fed Capex Index for May: Prior 36.50

08:30 Philly Fed Employment for May: Prior 19.90

08:30 Philly Fed Prices Paid for May: Prior 33.70

08:30 Philly Fed New Orders for May: Prior 27.40

10:00 Leading index change mm for Apr: Expected 0.4 pct; Prior 0.4 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$1.36) (Reporting by Nivedita Balu in Bengaluru)

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