June 7, 2017 / 11:27 AM / 2 months ago

CANADA STOCKS-Futures lower as oil dips on concerns of rising output

3 Min Read

June 7 (Reuters) - Stock futures pointed to a lower opening for Canada's main stock index on Wednesday as oil prices declined over renewed concerns about the effectiveness of OPEC-led production cuts.

Rising U.S. crude oil production, and ongoing diplomatic tensions in the Middle East could hamper the decision taken by OPEC and other producers to extend oil output cuts.

June futures on the S&P TSX index were down 0.12 percent at 7:15 a.m. ET.

Building permits data for April is due at 8:30 a.m. ET.

Canada's benchmark stock index rose on Tuesday as a surge in oil and gold prices sent energy and mining companies rallying.

Dow Jones Industrial Average e-mini futures were down 0.01 percent at 7:15 a.m. ET. S&P 500 e-mini futures were up 0.01 percent and Nasdaq 100 e-mini futures were up 0.08 percent.

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Top Stories

Canadian dollar-store operator Dollarama Inc reported a 13.9 percent increase in quarterly profit as customers on average spent more at its stores.

Bombardier Inc said on Tuesday it was confident of winning a trade dispute with Boeing Co in the United States and dismissed industry suggestions that the row could slow efforts to accelerate sales of its CSeries jet.

Canada will seek to play a larger role on the world stage as the United States retreats, Foreign Minister Chrystia Freeland said on Tuesday, in remarks underscoring strains between Washington and its closest allies.

Analyst Research Highlights

Major Drilling Group International Inc: Paradigm Capital raises target price to C$9.75 from C$8.50

Sun Life Financial Inc: RBC raises to "outperform" from "sector perform"

Dollarama Inc: Barclays raises price target to C$121 from C$115; rating "equal weight"

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1,289.7; -0.42 pct

US crude: $47.87; -0.64 pct

Brent crude: $49.75; -0.76 pct

LME 3-month copper: $5,601; -0.27 pct

u.s. Economic Data Due on Wednesday

15:00 Consumer credit for April: Expected 15.50 bln; Prior 16.43 bln

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$1.34) (Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Maju Samuel)

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