May 11 Canada's main stock index futures were
slightly higher on Thursday as oil prices rose after a fall in
U.S. inventories and a bigger-than-expected cut in Saudi
supplies to Asia helped tighten the market.
However, a downgrade of Canadian banks by ratings agency
Moody's is likely to weigh on investor sentiment.
Moody's Investor Service on Wednesday downgraded the
long-term ratings for six Canadian banks, citing a more
challenging operating environment for banks in Canada for 2017
June futures on the S&P TSX index were up 0.04
percent at 7:15 a.m. ET.
Canada's main stock index rose on Wednesday as higher oil
prices supported energy shares, while insurer Sun Life Financial
Inc and exchange operator TMX Group Ltd fell
after reporting earnings that failed to impress investors.
Statistics Canada's New House Price Index is scheduled for
release at 8:30 a.m. ET.
Dow Jones Industrial Average e-mini futures were
down 0.11 percent at 7:15 a.m. ET, while S&P 500 e-mini futures
were down 0.17 percent and Nasdaq 100 e-mini futures
were down 0.2 percent.
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Canadian plane and train maker Bombardier Inc said
Executive Chairman Pierre Beaudoin would step down, following
shareholder outcry over controversial executive pay hikes, and
reported a smaller-than-expected adjusted net loss.
Even as the world's largest energy companies exit Canada's
high-cost oil sands the country's top producer Suncor Energy
is lining up its next phase of growth in the world's
third-largest crude reserves.
Canadian Tire Corp Ltd reported
higher-than-expected quarterly revenue and profit on Thursday,
helped by strong demand for its apparel and home products as
well as higher margins at its financial business.
ANALYST RESEARCH HIGHLIGHTS
Cascades Inc: National Bank of Canada raises rating
to "outperform" from "sector perform"
Franco-Nevada Corp: CIBC raises target price to
C$105 from C$95
Sun Life Financial Inc: Barclays cuts target price
to C$52 from C$54
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1220; +0.22 percent
US crude: $47.98; +1.37 percent
Brent crude: $50.89; +1.33 percent
LME 3-month copper: $5607; +1.94 percent
U.S. ECONOMIC DATA DUE ON THURSDAY
08:30 Initial jobless claims: Expected 245,000; Prior
08:30 Jobless claims 4-week average: Prior 243,000
08:30 Continued jobless claims : Expected 1.980 mln; Prior
08:30 PPI final demand yy for Apr: Expected 2.2 pct; Prior
08:30 PPI final demand mm for Apr: Expected 0.2 pct; Prior
08:30 PPI ex food/energy yy for Apr: Expected 1.7 pct; Prior
08:30 PPI ex food/energy mm for Apr: Expected 0.2 pct; Prior
08:30 PPI ex food/energy/transport yy for Apr: Prior 1.7 pct
08:30 PPI ex food/energy/transport mm for Apr: Prior 0.1 pct
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory
(Reporting by Nikhil Kumar in Bengaluru; Editing by Shounak