Feb 7 (Reuters) - Futures for Canada’s main stock index dipped on Friday, weighed down by lower oil prices as Russia said it would need more time before committing to deeper output cuts.
Energy Minister Alexander Novak said on Friday Russia needed a few days to analyse the oil market and would clarify its position on deeper cuts next week.
Novak predicted global oil demand may fall by 150,000-200,000 barrels per day (bpd) in 2020 amid the coronavirus - a relatively conservative forecast.
March futures on the S&P/TSX index were down 0.23% at 7:00 a.m. ET.
Canada employment and Ivey PMI data is due at 08:30 a.m. ET
The Toronto Stock Exchange’s TSX closed up 0.6% at 17,757.49 on Thursday.
Dow Jones Industrial Average e-mini futures were down 0.35% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.3% and Nasdaq 100 e-mini futures were down 0.34%.
Canada Goose Holdings Inc slashed its revenue and profit growth forecasts for fiscal 2020, citing a hit from the recent outbreak of the coronavirus in China.
Canadian miner Banro is looking to sell its Namoya gold mine in eastern Congo at a significant discount, its chairman told Reuters on Friday, blaming the government’s failure to improve security in the area following a kidnapping of staff last year.
A plane from Wuhan, China carrying an initial group of 176 Canadian evacuees from the coronavirus epidemic landed at Trenton air force base in Ontario early on Friday, the Globe and Mail newspaper reported.
ANALYST RESEARCH HIGHLIGHTS
Agnico Eagle Mines Ltd: National Bank of Canada cuts price target to C$101 from C$103
Newmont: National Bank of Canada raises price target to C$66 from C$65
Suncor Energy Inc: RBC cuts price target to C$46 from C$47
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1567.6; +0.03%
US crude: $50.65; -0.59%
Brent crude: $54.73; -0.36%
U.S. ECONOMIC DATA DUE ON FRIDAY
0830 Non-farm payrolls for Jan: Expected 160,000; Prior 145,000
0830 Private payrolls for Jan: Expected 150,000; Prior 139,000
0830 Manufacturing payrolls for Jan: Expected -5,000; Prior -12,000
0830 Government payrolls for Jan: Prior 6,000
0830 Unemployment rate for Jan: Expected 3.5%; Prior 3.5%
0830 Average earnings mm for Jan: Expected 0.3%; Prior 0.1%
0830 Average earnings yy for Jan: Expected 3.0%; Prior 2.9%
0830 Average workweek hours for Jan: Expected 34.3 hrs; Prior 34.3 hrs
0830 Labor force participation for Jan: Prior 63.2%
0830 U6 underemployment for Jan: Prior 6.7%
1000 Wholesale inventory, R mm for Dec: Expected -0.1%; Prior -0.1%
1000 Wholesale sales mm for Dec: Expected 0.4%; Prior 1.5%
1500 Consumer credit for Dec: Expected $15.00 bln; Prior $12.51 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$1.33)
Reporting by Swathi Nair in Bengaluru; Editing by Maju Samuel
Our Standards: The Thomson Reuters Trust Principles.