CANADA STOCKS-Futures slump as oil falls amid supply glut concerns

reuters.com

Friday September 16, 2016 

Sept 16 (Reuters) – Stock futures pointed to a lower opening for Canada’s main stock index on Friday as oil prices slipped to two-week lows over worries of a persisting global supply glut.

Traders fear the market will remain oversupplied due to rising Iranian exports and returning supplies from Libya and Nigeria. Traders are also eyeing weekly U.S. rig count data, to be released by Baker Hughes on Friday.

Last week’s data showed that U.S. drillers had added seven oil rigs, bringing the rig count to 414, the most since February. December futures on the S&P TSX index were down 0.33 percent at 7:15 a.m. ET.

Canadian manufacturing sales data for July, due at 8:30 a.m. ET, is expected to show an increase of 1 percent from the 0.8 reported in June.

Canada’s main stock index scored its biggest gain in two months on Thursday, led by shares of financial and energy stocks as oil rose and investors reduced bets on a U.S. Federal Reserve interest rate hike.

Dow Jones Industrial Average e-mini futures were down 0.38 percent at 7:15 a.m. ET. S&P 500 e-mini futures were down 0.38 percent and Nasdaq 100 e-mini futures were down 0.30 percent. (Morning News Call newsletter ; The Day Ahead newsletter )

TOP STORIES

Canada’s Agrium Inc will woo reluctant shareholders next week in Toronto to support its proposed merger with Potash Corp of Saskatchewan Inc , and seek to appease concerns that it has little to gain by marrying its fertilizer rival.

ANALYST RESEARCH HIGHLIGHTS

Empire Company Ltd : Barclays cuts target price to C$18 from C$19; rating “underweight”

Finning International : National Bank Financial raises target to C$23 from C$20

Gluskin Sheff + Associates Inc : Desjardins cuts target price to C$19 from C$20; rating “hold”

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,311.5; -0.19 pct US crude : $43.19; -1.62 pct Brent crude : $45.80; -1.70 pct LME 3-month copper : $4,761.50; -0.41 pct U.S.

ECONOMIC DATA DUE ON FRIDAY

0830 CPI mm, SA for August: Expected 0.1 pct; Prior 0.0 pct

0830 CPI yy, NSA for August: Expected 1.0 pct; Prior 0.8 pct

0830 Core CPI mm, SA for August: Expected 0.2 pct; Prior 0.1 pct

0830 Core CPI yy, NSA for August: Expected 2.2 pct; Prior 2.2 pct

0830 CPI Index, NSA for August: Expected 240.68; Prior 240.65

0830 Core CPI Index, SA for August: Prior 247.71

0830 Real weekly earnings mm for August: Prior 0.6 pct

1000 U Mich Sentiment Preliminary for September: Expected 90.8; Prior 89.8

1000 U Mich Conditions Preliminary for September: Expected 107.5; Prior 107.0

1000 U Mich Expectations Preliminary for September: Expected 79.3; Prior 78.7

1000 U Mich 1 year inflation preliminary for September: Prior 2.5 pct

1000 U Mich 5-year inflation preliminary for September: Prior 2.5 pct

1030 ECRI Weekly Index : Prior 138.9

1030 ECRI weekly annualized: Prior 8.3 pct

1130 Cleveland Fed CPI for August: Prior 0.2 pct

1600 Net L-T flows,ex swaps for July: Prior -3.6 bln

1600 Foreign buying, T-bonds for July: Prior -32.9 bln

1600 Overall net capital flow for July: Prior -202.8 bln

1600 Net L-T flows, including swaps for July: Prior -38.9 bln

 

(Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: CANADA STOCKS-Futures slump as oil falls amid supply glut concerns | Kitco News

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s