May 29 (Reuters) - Futures for Canada’s main stock index were lower on Wednesday as oil prices fell on concerns that an ongoing stand-off between the United States and China could hurt crude demand.
China is ready to use rare earths to strike back in a trade war with the United States, Chinese newspapers warned in strongly worded commentaries on a move that would escalate tensions between the world’s two largest economies.
June futures on the S&P/TSX index were down 0.23% at 7:00 a.m. ET.
Bank of Canada interest rate decision is due at 10.00 a.m. ET
The Toronto Stock Exchange’s S&P/TSX closed down 50.00 points, or 0.31%, to 16,296.66 on Tuesday.
Dow Jones Industrial Average e-mini futures were down 0.51% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.46% and Nasdaq 100 e-mini futures were down 0.69%.
U.S. oil and gas producer Devon Energy Corp said it would sell its Canadian assets to Canadian Natural Resources Ltd for C$3.8 billion in cash as part of an ongoing effort to become a pure-play oil producer.
Canada Goose Holdings Inc GOOS.TO posted its slowest revenue growth in eight quarters that also missed estimates, sending shares of the luxury coat maker down more than 10 percent before the bell.
Bank of Montreal, Canada’s fourth largest lender, missed analysts’ estimates for second-quarter profit as higher expenses and provisions for bad loans offset gains in its retail banking business.
ANALYST RESEARCH HIGHLIGHTS
Alcanna Inc: Eight Capital starts with buy rating; price target C$9.50
Bank of Nova Scotia: CIBC cuts target price to C$77 from C$81
TCP Energy Corp: RBC raises target price to C$75 from C$71
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1282.6; +0.43%
US crude: $57.97; -1.98%
Brent crude: $68.79; -1.88%
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1000 Rich Fed Composite Index for May: Prior 3
1000 Rich Fed, Services Index for May: Prior 26
1000 Rich Fed Manufacturing Shipments for May: Prior -2
1030 Texas Service Sector Outlook for May: Prior 5.7
1030 Dallas Fed Services Revenues for May: Prior 13.9
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$1.35)
Reporting By Siddharth Athreya V in Bengaluru; Editing by Anil D’Silva
Our Standards: The Thomson Reuters Trust Principles.