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CANADA STOCKS-Futures indicate lower start on weak data, Italy downgrade
December 8, 2014 / 12:37 PM / 3 years ago

CANADA STOCKS-Futures indicate lower start on weak data, Italy downgrade

Dec 8 (Reuters) - Stock futures pointed to a lower start for Canada’s main stock index on Monday as weak data from Asia and a cut in Italy’s credit rating to just a notch above junk raised concerns over global economic growth.

December futures on the S&P TSX index were down 0.28 percent at 7.15 a.m. ET.

Building permits data is due at 7.00 p.m. ET

Canada’s main stock index ended flat on Friday, rattled by lusterless bank earnings and weakness in oil and gas shares, a day after its biggest single-day drop in 18 months.

Dow Jones Industrial Average e-mini futures were down 0.27 percent at 7.15 a.m. ET, while S&P 500 e-mini futures were down 0.18 percent and Nasdaq 100 e-mini futures were down 0.41 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

Canada’s embassy in Cairo was closed on Monday until further notice because of security concerns, an official answering its emergency telephone line said, the second diplomatic mission to shut its doors this week.

The slide in oil prices will probably cut Canadian economic growth by a third of a percentage point in 2015, not the 1/4 point the Bank of Canada estimated in late October, bank Governor Stephen Poloz told Reuters on Friday.

COMMODITIES AT 7.15 a.m. ET

Gold futures : $1,194.70; +0.39 pct

US crude : $64.67; -1.78 pct

Brent crude : $67.57; -2.19 pct

LME 3-month copper : $6,420; -0.48 pct

ANALYST RESEARCH HIGHLIGHTS

Bank of Nova Scotia : National Bank Financial cuts price target to C$73 from C$78

National Bank of Canada : CIBC cuts price target to C$55 from C$56

U.S. ECONOMIC DATA DUE ON MONDAY

1000 Employment trends for Nov: Prior 123.1

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$1.13) (Reporting by Pradip Kakoti in Bengaluru; Editing by Kirti Pandey)

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