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Futures and Commodity Market News

Futures Promise Lower Start

Oct 12, 2017 (Baystreet.ca via COMTEX) --

Stock futures pointed to a lower opening for stock markets in Canada on Thursday, tracking losses in oil markets after U.S. fuel inventories rose despite efforts by the Organization of the Petroleum Exporting Countries to cut production.

The S&P/TSX Composite Index held onto gains of 30.04 points to close Wednesday at 15,800.40

December futures sputtered 0.9% lower Thursday morning.

The Canadian dollar faded 0.09 cents at 80.2 cents U.S. Thursday morning.

BlackBerry said on Thursday it signed a new license agreement with BLU Products Inc, a Florida-based maker of low-end Android phones, a pact that would end patent disputes between the two companies.

Metro said on Wednesday it would sell a major portion of its stake in Alimentation Couche Tard to fund its $4.5-billion acquisition of pharmacy chain Jean Coutu Group.

Canaccord Genuity cut the rating on Aphria to hold from speculative buy

Canaccord cut the rating on Canopy Growth to sell from hold

CIBC cut the rating on Gluskin Sheff + Associates to neutral from outperformer

On the data front, Statistics Canada said new house prices in Canada rose 3.8% year-over-year in August.

The agency says prices for new homes were unchanged in 15 of the 27 census metropolitan areas surveyed, including Toronto and Vancouver. For Toronto, this was the third consecutive month of flat readings.

ON BAYSTREET

The TSX Venture Exchange tailed off 2.13 points to finish Wednesday at 791.32.

ON WALLSTREET

Futures for equities south of the line pointed to a slightly weaker open Thursday, as investors turned their attention to new earnings reports from leading U.S. banks.

Futures for the Dow Jones Industrials listed lower 21 points, or 0.1%, to 22,794.

S&P 500 futures slid 4.25 points, or 0.2%, to 2,548.75, while futures on the NASDAQ Composite index sifted off 4.25 points, or 0.1%, to 6,078.25.

Major earnings are set to dominate some discussion on Wall Street, as Citigroup and Domino's Pizza are set to post their latest financial figures. JPMorgan Chase posted better-than-expected earnings, but also reported a decline in bond trading revenue, which sent the stock lower in the pre-market.

Looking to data, jobless claims and Producer Price Index (PPI) data were set to come out early this morning, to be followed by the Treasury budget, due out at 2 p.m. ET.

On Thursday, investors are likely still to be still digesting the latest minutes published by the Federal Open Market Committee, after Wall Street finished higher Wednesday following the release.

In the latest FOMC minutes, the U.S. central bank indicated that an interest rate hike later in 2017 was almost certain, even if low inflation continues to weigh on sentiment. The minutes are expected to be of key importance Thursday as leading members from the U.S. Federal Reserve are set to deliver speeches.

Overseas, European stocks were mixed approaching noon on the continent Monday, while Japan's Nikkei 225 climbed 0.4%, while in Hong Kong, the Hang Seng Index gained 0.2%.

Oil prices lost 70 cents to $50.60 U.S. per barrel.

Gold prices hiked $8.20 to $1,296.90 U.S. an ounce.

********************************************************************** As of Sunday, 10-08-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 03-23-2012 for DPZ @ $36.33. For more inform

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