February 28, 2018 / 12:33 PM / 10 months ago

CORRECTED-CANADA STOCKS-Futures little changed amid a dip in oil prices

(Adds dropped reference to “futures” in paragraph 1)

Feb 28 (Reuters) - Futures for Canada’s main stock index were little changed on Wednesday even as oil prices edged lower on concerns over softening demand.

Oil prices struggled to stay in positive territory after data showed industrial activity in some of the world’s major crude-consuming nations has softened.

March futures on the S&P TSX index were down 0.01 percent at 7:15 a.m. ET.

Canada’s producer prices data, due at 8:30 a.m. ET, is expected to show an increase of 0.5 percent, compared with a fall of 0.1 percent a month ago.

Canada’s main stock index fell on Tuesday as weakness in the prices of gold, silver and oil weighed on shares of mining and energy companies.

Dow Jones Industrial Average e-mini futures were up 0.08 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.06 percent and Nasdaq 100 e-mini futures were up 0.1 percent.

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TOP STORIES

Valeant Pharmaceuticals reported a profit in the fourth quarter compared to a year-earlier loss, as it booked a one-time benefit because of new U.S. tax laws.

Canada’s Liberal government tackled long-term growth challenges on Tuesday in a budget aimed at boosting women in the workforce and diversifying trade, while keeping its fiscal powder dry in case of an economic shock like the demise of NAFTA.

Laurentian Bank of Canada said it was continuing to review problematic mortgages sold to an unnamed third party last year and may need to repurchase more of the loans.

ANALYST RESEARCH HIGHLIGHTS

Bank of Montreal: Eight Capital raises target price to C$109 from C$106

Bank of Nova Scotia: RBC raises target price to C$95 from C$92

Power Corporation of Canada: CIBC cuts target price to C$33 from C$34

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1319; +0.27 percent

US crude: $62.91; -0.16 percent

Brent crude: $66.48; -0.23 percent

LME 3-month copper: $6997; -0.34 percent

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 Corporate Profits preliminary for Q4: Prior 5.8 pct

0830 GDP 2nd Estimate for Q4: Expected 2.5 pct; Prior 2.6 pct

0830 GDP sales preliminary for Q4: Expected 3.1 pct; Prior 3.2 pct

0830 GDP cons spending preliminary for Q4: Prior 3.8 pct

0830 GDP deflator preliminary for Q4: Expected 2.4 pct; Prior 2.4 pct

0830 Core PCE prices preliminary for Q4: Expected 1.9 pct; Prior 1.9 pct

0830 PCE prices preliminary for Q4: Expected 2.8 pct; Prior 2.8 pct

0945 Chicago PMI for Feb: Expected 64.2; Prior 65.7

1000 Pending Homes Index for Jan: Prior 110.1

1000 Pending sales change mm for Jan: Expected 0.3 pct; Prior 0.5 pct

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$1.28) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Shounak Dasgupta)

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