February 27, 2017 / 12:36 PM / 7 months ago

CANADA STOCKS-Futures flat after steep fall on Friday

Feb 27 (Reuters) - Canada’s main stock index futures were little changed on Monday, after notching their steepest fall in over five months on Friday and as investors await U.S President Donald Trump’s address to a joint session of Congress on Tuesday.

Investors will keenly watch the address on Tuesday evening for clues on Trump’s proposed tax reform and how he plans to overhaul the Affordable Healthcare Act.

March futures on the S&P TSX index were down 0.03 percent at 7:15 a.m. ET. No major economic data is scheduled to be released.

Dow Jones Industrial Average e-mini futures were down 0.03 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.04 percent and Nasdaq 100 e-mini futures were down 0.12 percent.

The Toronto Stock Exchange’s S&P/TSX composite index slumped 1.57 percent on Friday as heavily-weighted energy and financial stocks led a broad-based retreat.

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TOP STORIES

Blackberry Ltd may have exited the device business, but fans of the pioneering email machine need not despair as Chinese smartphone maker TCL Communication has introduced its first Blackberry-licensed phone with the physical keyboard that was long its key allure.

Canadian Imperial Bank of Commerce’s insistence on keeping its discipline while assessing whether to increase its $2.9 billion bid for Chicago-based PrivateBancorp leaves the bank’s U.S. expansion plans in the balance.

Canada’s energy sector has fallen out of favor with international oil majors, who are scaling back ambitions and walking away from reserves in the ground there to focus on lower-cost and higher-margin opportunities elsewhere.

ANALYST RESEARCH HIGHLIGHTS

Canadian Imperial Bank of Commerce: KBW raises target price to C$124 from C$115

Husky Energy: Barclays cuts target price to C$21 from C$23; rating “overweight”

MacDonald Dettwiler and Associates: CIBC cuts target price to C$83 from C$86

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1254.1; -0.21 percent

US crude: $54.36; +0.69 percent

Brent crude: $56.45; +0.82 percent

LME 3-month copper: $5925.5; -0.04 percent

U.S. ECONOMIC DATA DUE ON MONDAY

08:30 Building permits R number mm for Jan: Prior 1.285 mln

08:30 Building permits R change mm for Jan: Prior 4.6 pct

08:30 Durable goods for Jan: Expected 1.7 pct; Prior -0.5 pct

08:30 Durables ex-transport for Jan: Expected 0.5 pct; Prior 0.5 pct

08:30 Durables ex-defense mm for Jan: Prior 1.7 pct

08:30 Nondefense cap ex-air for Jan: Expected 0.5 pct; Prior 0.7 pct

10:00 Pending Homes Index for Jan: Prior 109.0

10:00 Pending sales change mm for Jan: Expected 0.8 pct; Prior 1.6 pct

10:30 Dallas Fed Manufacturing Business Index for Feb: Prior 22.10

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$1.31) (Reporting by Shradha Singh in Bengaluru; Editing by Savio D‘Souza)

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