Aug 10 (Reuters) - Stock futures pointed to a slightly higher opening for Canada’s main stock index on Wednesday as bullion prices rose following weak U.S. productivity data in the previous session.
U.S. worker productivity fell for the third straight quarter in the spring this year, suggesting that corporate profits may continue to decline and wage growth may remain sluggish.
September futures on the S&P TSX index were up 0.19 percent at 7:15 a.m. ET.
No major economic data is scheduled for the day.
Canada’s main stock index extended its rally at a 13-month high on Tuesday, boosted by a surge in shares of Valeant Pharmaceutical after the drug maker said it would sell billions of dollars of assets to pay down debt.
Dow Jones Industrial Average e-mini futures were up 0.05 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.10 percent and Nasdaq 100 e-mini futures were up 0.09 percent.
Bell Canada, Canada’s largest telecommunications company, announced on Tuesday a public offering of C$1.5 billion of medium term notes debentures in two series.
Valeant Pharmaceuticals International is offering to pay lenders a higher interest rate in order to obtain an amendment to its debt agreement that would loosen one of its covenants, according to sources.
Austrian energy group OMV has agreed to sell most of its 50 percent stake in the British Rosebank field to Canada’s Suncor Energy for as much as $215 million, OMV said on Tuesday.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,350.90; +0.89 percent
US crude : $42.53; -0.56 percent
Brent crude : $44.89; -0.20 percent
LME 3-month copper : $4,849; +1.46 percent
ANALYST RESEARCH HIGHLIGHTS
Richmont Mines : CIBC cuts to “sector performer” from “sector outperformer”
Geodrill Ltd : TD Securities raises to “buy” from “spec buy”
Whistler Blackcomb : CIBC cuts to “sector performer” from “sector outperformer”
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1000 JOLTS job openings for Jun: Expected 5.574 mln; Prior 5.500 mln
1100 TR IPSOS PCSI for Aug: Prior 56.10
1400 Federal budget for Jul: Expected -$113 bln; Prior $6 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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