June 18, 2018 / 11:33 AM / 5 months ago

CANADA STOCKS-Futures lower on escalating U.S.-China trade dispute

June 18 (Reuters) - Futures pointed to a lower opening for Canada’s main stock index on Monday, tracking global shares and a slump in U.S. crude prices, on concerns of a spiraling trade spat between United States and China.

Trump announced tariffs on Friday on $50 billion of Chinese imports, while Beijing retaliated by slapping duties on American export products, including crude oil, and suspended all previous trade agreements with Washington.

June futures on the S&P/TSX index were down 0.41 percent at 7:15 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX fell 14.54 points, or 0.09 percent, to 16,314.42, on Friday, but climbed 0.69 percent on the week, its second straight weekly gain.

Dow Jones Industrial Average e-mini futures were down 0.74 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.63 percent and Nasdaq 100 e-mini futures were down 0.71 percent.

TOP STORIES

Oil and gas producer Baytex Energy Corp said it would buy rival Raging River Exploration Inc for about C$2.8 billion to expand in the oil-rich Duvernay field in Alberta.

Australia’s South32 Ltd has bid $1.3 billion to take full control of Arizona Mining Inc, offering a hefty premium for the Toronto-listed firm which is developing zinc, lead, manganese and silver assets.

South Korea has suspended the sale of wheat and flour from Canada after the North American nation announced last week the discovery in mid-2017 of an unapproved genetically modified trait in Alberta province.

ANALYST RESEARCH HIGHLIGHTS

Arizona Mining: National Bank of Canada raises target price to C$6.20 from C$6

Canada Goose Holdings Inc: CIBC raises price target to C$92 from C$48

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1283.5; rose 0.39 percent

US crude: $64.84; fell 0.34 percent

Brent crude: $74.1; rose 0.9 percent

LME 3-month copper: $6997; fell 0.33 percent

U.S. ECONOMIC DATA DUE ON MONDAY

1000 NAHB Housing Market Index for June: Expected 70; Prior 70

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 Debanjan Bose in Bengaluru; Editing by Shounak Dasgupta)

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