July 8 (Reuters) - Canadian stocks looked set to open lower on Tuesday with June futures on the S&P TSX index <0#SXF:> down 0.15 percent at 0715 ET.
The index fell on Monday, pulled lower by a selloff in telecom providers’ shares following news of a new spectrum auction and a drop in the energy sector after oil prices slipped.
Dow Jones Industrial Average e-mini futures were down 0.09 percent at 0715 ET, while S&P 500 e-mini futures were down 0.11 percent. Nasdaq 100 e-mini futures were down 0.04 percent.
Pharmacy chain Jean Coutu Group Inc reported higher quarterly sales, helped by demand for its high-margin generic drugs and the expansion of its network of franchised stores.
Fewer Canadian firms expect to have difficulty meeting a surge in demand than did in the first quarter, the Bank of Canada said on Monday in a sign that pressures on production capacity are lessening rather than building.
William Ackman’s Pershing Square Capital Management proposed on Monday a slate of six directors for the board of Allergan Inc as the hedge fund presses forward with its $53 billion takeover bid with Valeant Pharmaceuticals International Inc for the Botox maker.
COMMODITIES AT 0715 ET
Gold futures : $1,323.3; +0.48 pct
US crude : $103.35; -0.17 pct
Brent crude : $109.53; -0.64 pct
LME 3-month copper : $7,156.50; +0.44 pct
ANALYST RESEARCH HIGHLIGHTS
Alimentation Couche-Tard : Barclays raises target to C$33 from C$30; overweight
Crew Energy : Raymond James resumes coverage with strong buy rating; C$17 target price
Ivanhoe Mines : CIBC cuts price target to C$4.20 from C$4.30; sector outperformer
U.S. ECONOMIC DATA DUE ON TUESDAY
0855 Redbook mm: Prior -1.7 pct
0855 Redbook yy: Prior +3.1 pct
1500 Consumer credit for May: Expected +20.00 bln, prior +26.85 bln
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$1= $1.07 Canadian Reporting by Mononshila Deka in Bangalore; Editing by Saumyadeb Chakrabarty
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