Sep 23 - Stock futures pointed to a lower opening for Canada’s main stock index on Tuesday, with December futures on the S&P TSX index <0#SXF:> down 0.32 percent at 0730 ET.
Retail sales data is due at 0830 ET.
The Toronto Stock Exchange’s S&P/TSX composite index declined to its lowest in six weeks on Monday with worries about an economic slowdown in China and a drop in commodity prices weighing on shares of natural resource producers.
But a preliminary HSBC survey showed on Tuesday that China’s manufacturing sector expanded at a slightly faster pace in September even as employment fell to a 5-1/2-year low.
Dow Jones Industrial Average e-mini futures were down 0.16 percent at 0730 ET, S&P 500 e-mini futures were down 0.21 percent and Nasdaq 100 e-mini futures were down 0.27 percent.
A U.S. court ordered drugmaker Allergan Inc to produce board documents related to its strategy to counter a hostile bid by William Ackman’s Pershing Square Capital Management and Canada’s Valeant Pharmaceuticals International Inc.
Interest rates may have to be about one-and-a-half percentage points lower than they have been historically in order for the Canadian economy to operate at full capacity, the Bank of Canada said on Monday.
COMMODITIES AT 0730 ET
Gold futures : $1,231; +1.17 pct
US crude : $91.56; +0.77 pct
Brent crude : $97.48; +0.54 pct
LME 3-month copper : $6,738; +0.26 pct
ANALYST RESEARCH HIGHLIGHTS
Capstone Mining : Mackie cuts price target to C$3.60 from C$3.70; rating “buy”
Turquoise Hill Resources : BMO cuts target price to C$5; rating “outperform”
WSP Global : Canaccord Genuity raises to “buy” from “hold”
U.S. ECONOMIC DATA DUE ON TUESDAY
08:55 Redbook mm: Prior -0.4 pct
08:55 Redbook yy: Prior 3.6 pct
09:00 Monthly home price mm for Jul: Prior 0.4 pct
09:00 Monthly home price yy for Jul: Prior 5.1 pct
09:00 Monthly home price index for Jul: Prior 212.7
09:45 Markit manufacturing PMI Flash for Sep: Expected 58.0 Prior 57.9
10:00 Rich Fed composite index for Sep: Prior 12
10:00 Rich Fed, services index for Sep: Prior 21
10:00 Rich Fed manufacturing shipments for Sep: Prior 10
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