January 2, 2019 / 12:36 PM / 5 months ago

CANADA STOCKS-TSX futures down as oil prices slip

Futures pointed to a lower opening for Canada’s main stock index on Wednesday as economic worries and rising production hurt oil prices.

March futures on the S&P/TSX index were down 1.4 percent at 7:10 a.m. ET.

Oil prices came under pressure from surging output in major OPEC and non-OPEC producers and due to concerns about an economic slowdown that could weaken demand.

IHS Markit Canada Manufacturing Purchasing Managers’ index reading is due at 9:30 a.m. ET

The Toronto Stock Exchange’s S&P/TSX ended higher by 100.86 points, or 0.71 percent, to 14,322.86 on Monday.

Dow Jones Industrial Average e-mini futures were down 1.4 percent at 7:15 a.m. ET, S&P 500 e-mini futures were down 1.4 percent and Nasdaq 100 e-mini futures were down 2.1 percent.

TOP STORIES

The social media accounts and messaging apps of a Canadian businessman detained in China have been active since he was arrested in December on suspicion of being engaged in activity that endangered China’s security.

Chinese gold miner Zijin Mining Group Co Ltd, said it plans to sell up to 8 billion yuan worth of new shares in Shanghai to help fund its purchase of Canada’s Nevsun Resources Ltd.

ANALYST RESEARCH HIGHLIGHTS

Canadian National Railway Co: CIBC cuts price target to C$118 from C$120

Cargojet Inc: CIBC cuts price target to C$90 from C$93

Linamar Corp: CIBC cuts price target to C$68 from C$71

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,287.6; +0.5 pct

US crude: $44.95; -1.01 pct

Brent crude: $53.3; -0.93 pct

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0945 Markit Manufacturing PMI Final for Dec: Prior 53.9

1030 Texas Service Sector Outlook for Dec: Prior 11.4

1030 Dallas Fed Services Revenues for Dec: Prior 21.4

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 Debanjan Bose; Editing by Shinjini Ganguli

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