February 28, 2019 / 12:46 PM / 2 months ago

CANADA STOCKS-Futures dip as U.S.-North Korea summit ends with no deal

Feb 28 (Reuters) - Futures pointed to a lower opening for Canada’s main stock index on Thursday as U.S. President Donald Trump walked away from a nuclear deal at a summit with North Korea.

The summit in Vietnam ended abruptly because of demands from North Korean leader Kim Jong Un to lift punishing U.S.-led sanctions.

March futures on the S&P/TSX index were down 0.07 percent at 7:10 a.m. ET.

Current account and producer prices data are due at 8:30 a.m. ET

The Toronto Stock Exchange’s S&P/TSX ended 6.39 points, or 0.04 percent, higher at 16,074.30 on Wednesday.

Dow Jones Industrial Average e-mini futures were down 0.18 percent at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.24 percent and Nasdaq 100 e-mini futures were down 0.42 percent.

TOP STORIES

Encana Corp’s quarterly profit topped analyst estimates as the Canadian oil and gas producer saw a 20 percent rise in output, and sold crude at a 7 percent higher rate than last year.

Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, two of Canada’s biggest lenders, reported first-quarter earnings which fell short of market forecasts.

Air Canada increased its long-term targets for profit margins and free cash flow, as the country’s largest airline benefits from cost-cutting efforts and an expansion into new destinations.

ANALYST RESEARCH HIGHLIGHTS

Cogeco Inc: CIBC raises to “outperformer” from “neutral”

Laurentian Bank of Canada: Desjardins cuts target price to C$42 from C$43

Tamarack Valley Energy Ltd: RBC raises to “outperform” from “sector perform”

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,327.7; +0.49 pct

US crude: $56.78; -0.28 pct

Brent crude: $66.03; -0.54 pct

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 GDP 2nd estimate for Q4: Expected 2.3 pct

0830 GDP sales preliminary for Q4: Expected 2.0 pct

0830 GDP deflator preliminary for Q4: Expected 1.7 pct

0830 Core PCE prices preliminary for Q4: Expected 1.6 pct

0830 PCE prices preliminary for Q4: Expected 1.5 pct

0830 Initial jobless claims: Expected 220,000; Prior 216,000

0830 Jobless claims 4-week average: Prior 235,750

0830 Continued jobless claims: Expected 1.733 mln; Prior 1.725 mln

0945 Chicago PMI for Feb: Expected 57.0; Prior 56.7

1100 KC Fed Manufacturing for Feb: Prior 2

1100 KC Fed Composite Index for Feb: Prior 5

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$1.32)

Reporting by Hrithik Kiran Bagade in Bengaluru; Editing by Maju Samuel

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