August 7, 2018 / 11:28 AM / 2 months ago

CANADA STOCKS-Futures gain on higher oil prices

Aug 7 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Tuesday, as oil prices rose with renewed U.S. sanctions against Iran that are expected to tighten global crude supply.

The new sanctions took effect on Tuesday, and U.S. President Donald Trump, who defied Washington’s allies to impose them, pledged that firms doing business with Tehran would be barred from doing business with the United States.

September futures on the S&P/TSX index were up 0.33 percent at 7:15 a.m. ET.

Ivey PMI data for July is due at 10:00 a.m. ET.

Canada’s main stock index edged lower on Friday, dragged by losses in financial names and as China’s retaliatory tariffs on U.S. goods revived trade war concerns.

Dow Jones Industrial Average e-mini futures were up 0.36 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.24 percent and Nasdaq 100 e-mini futures were up 0.29 percent.

TOP STORIES

Bausch Health Cos Inc, formerly known as Valeant Pharmaceuticals, reported a bigger quarterly loss on Tuesday, due to an income tax provision and an asset impairment charge.

Aimia Inc’s largest shareholder, Mittleman Brothers, said on Monday a buyout offer by an Air Canada-led consortium for Aimia’s Aeroplan loyalty program was undervalued.

Shale oil producer Continental Resources Inc said on Monday that it formed a subsidiary to manage mineral royalties with Franco-Nevada Corp, part of Continental’s plan to diversify revenue sources.

ANALYST RESEARCH HIGHLIGHTS

Canadian Tire Corp: Barclays raises price target to C$194 from C$186

Dorel Industries Inc: RBC raises target price to C$30 from C$29

Golden Star Resources Ltd: Desjardins cuts price target to C$1.60 from C$1.65

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1222.2; +0.37 pct

US crude: $69.73; +1.04 pct

Brent crude: $74.79; +1.41 pct

LME 3-month copper: $6183.5; +0.82 pct

U.S. ECONOMIC DATA DUE ON TUESDAY

1000 JOLTS job openings for Jun: Expected 6.646 mln; Prior 6.638 mln

1500 Consumer credit for Jun: Expected 15.25 bln; Prior 24.56 bln

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$1.30) (Reporting by Nandi Kaul in Bengaluru; Editing by Maju Samuel)

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