July 8, 2019 / 11:24 AM / 2 months ago

CANADA STOCKS-TSX futures lower as U.S. rate cut hopes fade

July 8 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Monday, as investors scaled back expectations for a hefty rate cut by the U.S. Federal Reserve.

Strong U.S. jobs data last week put off bets that the U.S. central bank would give in to calls for aggressive policy easing.

September futures on the S&P/TSX index were down 0.31% at 7:00 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX fell 46.86 points, or 0.28 percent, to 16,541.99 on Friday.

Dow Jones Industrial Average e-mini futures were down 0.22% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.19% and Nasdaq 100 e-mini futures were down 0.38%.

ANALYST RESEARCH HIGHLIGHTS

Agnico Eagle Mines Ltd: J.P. Morgan raises target price to C$68 from C$65

Franco-Nevada Corp: J.P. Morgan raises target price to C$110 from C$97.5

Rogers Communications Inc: J.P. Morgan cuts rating to “underweight” from “neutral”

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,406.8; +0.48%

US crude: $57.44; -0.12%

Brent crude: $64.17; -0.1%

U.S. ECONOMIC DATA DUE ON MONDAY

1000 Employment Trends for Jun: Prior 111.6

1500 Consumer credit for May: Expected $17.00 bln; Prior $17.50 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$1.31) (Reporting by Nachiket Tekawade in Bengaluru; Editing by Maju Samuel)

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