April 18 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Tuesday as an expected surge in U.S. shale oil output in May weighed on oil prices.
U.S. government’s drilling data showed shale production next month was set to rise to 5.19 million barrels per day (bpd), with output from the Permian play, the largest U.S. shale region, expected to reach a record 2.36 million bpd.
June futures on the S&P TSX index were down 0.43 percent at 7:15 a.m. ET.
Canada’s main stock index posted its biggest gain in more than six weeks on Monday as heavyweight banking stocks bounced back from a recent slip and several industrial miners also gained as Chinese data showed surprising growth.
Statistics Canada will release its report on foreign investment in Canadian securities and foreign securities bought by Canadians. The data is due at 8:30 a.m. ET,
Dow Jones Industrial Average e-mini futures were down 0.09 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.25 percent and Nasdaq 100 e-mini futures were down 0.22 percent.
Officials from Canada and its most populous province will meet on Tuesday to bring Toronto’s hot housing market to heel, under pressure from voters angry that speculators or foreigners are fueling a bubble in Canada’s largest city.
Air Canada has apologized and offered compensation for bumping a 10-year-old off a flight, the boy’s father said on Monday, after the Canadian family’s story sparked headlines following a high-profile incident involving overbooking by U.S. carrier United Airlines.
Bank of Montreal is bundling nearly C$2 billion ($1.50 billion) of prime Canadian mortgages into securities, said Moody’s in a pre-sale report on Monday.
ANALYST RESEARCH HIGHLIGHTS
ARC Resources Ltd: Barclays raises rating to “overweight” from “equal weight”
Kirkland Lake Gold Ltd: RBC raises target price to C$13 from C$11
Trican Well Service Ltd: CIBC raises rating to “outperformer” from “neutral”
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1285; -0.34 percent
US crude: $52.25; -0.76 percent
Brent crude: $54.88; -0.87 percent
LME 3-month copper: $5654; -0.67 percent
U.S. ECONOMIC DATA DUE ON TUESDAY
08:30 Building permits number for Mar: Expected 1.250 mln; Prior 1.216 mln
08:30 Build permits change mm for Mar: Prior -6.0 pct
08:30 Housing starts number mm for Mar: Expected 1.250 mln; Prior 1.288 mln
08:30 House starts mm change for Mar: Prior 3.0 pct
09:15 Industrial production mm for Mar: Expected 0.5 pct; Prior 0.1 pct
09:15 Capacity utilization mm for Mar: Expected 76.2 pct; Prior 75.9 pct
09:15 Manufacturing output mm for Mar: Expected 0.1 pct; Prior 0.5 pct
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Canadian markets directory ($1= C$1.34) (Reporting by Nikhil Kumar in Bengaluru; Editing by Anil D’Silva)
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