April 15, 2019 / 11:35 AM / in 7 days

CANADA STOCKS-Futures dip as oil prices fall on supply concerns

April 15 (Reuters) - Futures for Canada’s main stock index edged lower on Monday, as oil prices halted their rally on mixed signals over global supply.

June futures on the S&P/TSX index were down 0.04 percent at 7:00 a.m. ET.

Brent futures fell below $71 per barrel on signals that Russia may exit production cuts.

“I would expect oil to trade in a relatively tight band around $70 per for the time being,” said Virendra Chauhan, oil analyst at Energy Aspects in Singapore.

The Toronto Stock Exchange’s S&P/TSX rose 81.06 points, or 0.49 percent, to 16,480.53 on Friday.

Dow Jones Industrial Average e-mini futures were up 0.16 percent at 7:00 a.m. ET, while S&P 500 e-mini futures were flat and Nasdaq 100 e-mini futures were down 0.06 percent.

TOP STORIES

Lundin Mining said it plans to buy one of Yamana Gold’s gold-copper mines in Brazil for more than $1 billion.

Vermilion Energy will drill its first two exploration wells in Croatia in June, a senior official from the company said.

Gulfstream Aerospace and Bombardier are trotting out their longest-range business jets at an Asian air show this week, as they compete for orders from China’s growing elite, despite the country’s slowing economy.

ANALYST RESEARCH HIGHLIGHTS

Alimentation Couche-Tard Inc: RBC raises target price to C$88 from C$85

Kirkland Lake Gold Ltd: Eight Capital raises rating to “buy” from “neutral”

Manulife Financial Corp: Desjardins raises target price to C$28 from C$27

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1286.7; -0.43 percent

US crude: $63.35; -0.85 percent

Brent crude: $70.98; -0.8 percent

U.S. ECONOMIC DATA DUE ON MONDAY

0830 NY Fed Manufacturing for Apr: Expected 6.70; Prior 3.70

1600 Net L-T flows,exswaps for Feb: Prior -7.2 bln

1600 Foreign buying, T-bonds for Feb: Prior 23.0 bln

1600 Overall net capital flows for Feb: Prior -143.7 bln

1600 Net L-T flows,inclusion swaps for Feb: Prior -19.7 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$1.33) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Sriraj Kalluvila)

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