July 7, 2020 / 11:45 AM / a month ago

CANADA STOCKS-Falling oil prices drag TSX futures lower

July 7 (Reuters) - Futures for Canada’s main stock index fell on Tuesday, as oil prices dropped on worries over demand recovery due to a spurt in new coronavirus cases, especially in the United States.

September futures on the S&P/TSX index were down 0.66% at 7:00 a.m. ET.

Data for Canada’s Purchasing Managers’ Index for June is due at 10:00 a.m. ET

On Monday, the Toronto Stock Exchange’s S&P/TSX composite index ended 0.47% higher at 15,669.67.

Dow Jones Industrial Average e-mini futures were down 1.03% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.87% and Nasdaq 100 e-mini futures were down 0.46%.

TOP STORIES

Canada’s drilling rig count, a bellwether of the oil and gas industry’s growth, has plummeted far below previous records, raising risks that much of the country’s equipment will permanently fall out of service.

Moody’s Investors Service is expecting Canadian provinces to shift rapidly to stabilizing their rising debt burdens once economic growth resumes, which analysts said could be a signal to provinces on how they can avoid downgrades.

Clearview AI has said it would no longer offer its facial recognition services in Canada, the country’s privacy commissioner announced on Monday, in response to an ongoing investigation into the company by provincial and federal privacy authorities.

Royal Bank of Canada is committing C$150 million ($111 million) to racial diversity initiatives and aims to increase the proportion of non-white executive hires to 30% from 20%, Canada’s biggest lender said on Monday.

ANALYST RESEARCH HIGHLIGHTS

Norbord Inc: Credit Suisse raises target price to C$30 from C$20

Canadian Pacific Railway Ltd: Credit Suisse raises target price to $285 from $242

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,784.4; -0.51%

US crude: $40.15; -1.18%

Brent crude: $42.70; -0.93%

U.S. ECONOMIC DATA DUE ON TUESDAY

10.00 JOLTS job openings for May: Expected 4.850 mln; Prior 5.046 mln

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$1.36) (Reporting by Shivani Kumaresan in Bengaluru; Editing by Maju Samuel)

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