Canada stock futures dip as U.S.-North Korea summit ends with no deal

[February 28, 2019]   (Reuters) - Futures pointed to a lower opening for Canada's main stock index on Thursday as U.S. President Donald Trump walked away from a nuclear deal at a summit with North Korea.

The summit in Vietnam ended abruptly because of demands from North Korean leader Kim Jong Un to lift punishing U.S.-led sanctions.

March futures on the S&P/TSX index were down 0.07 percent at 7:10 a.m. ET.

Current account and producer prices data are due at 8:30 a.m. ET

The Toronto Stock Exchange's S&P/TSX ended 6.39 points, or 0.04 percent, higher at 16,074.30 on Wednesday.

Dow Jones Industrial Average e-mini futures were down 0.18 percent at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.24 percent and Nasdaq 100 e-mini futures were down 0.42 percent. [.N]

TOP STORIES [TOP/CAN]

Encana Corp's quarterly profit topped analyst estimates as the Canadian oil and gas producer saw a 20 percent rise in output, and sold crude at a 7 percent higher rate than last year.

Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, two of Canada's biggest lenders, reported first-quarter earnings which fell short of market forecasts.

Air Canada increased its long-term targets for profit margins and free cash flow, as the country's largest airline benefits from cost-cutting efforts and an expansion into new destinations.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Cogeco Inc: CIBC raises to "outperformer" from "neutral"

Laurentian Bank of Canada: Desjardins cuts target price to C$42 from C$43

Tamarack Valley Energy Ltd: RBC raises to "outperform" from "sector perform"
 

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. Canada's main stock index was little changed on Monday as weakness in financial and energy shares offset gains in the materials sector. REUTERS/Mark Blinch (CANADA - Tags: BUSINESS)

COMMODITIES AT 7:00 a.m. ET [COM/WRAP]

Gold futures: $1,327.7; +0.49 pct [GOL/]

US crude: $56.78; -0.28 pct [O/R]

Brent crude: $66.03; -0.54 pct [O/R]

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 GDP 2nd estimate for Q4: Expected 2.3 pct

0830 GDP sales preliminary for Q4: Expected 2.0 pct

0830 GDP deflator preliminary for Q4: Expected 1.7 pct

0830 Core PCE prices preliminary for Q4: Expected 1.6 pct

0830 PCE prices preliminary for Q4: Expected 1.5 pct

0830 Initial jobless claims: Expected 220,000; Prior 216,000

0830 Jobless claims 4-week average: Prior 235,750

0830 Continued jobless claims: Expected 1.733 mln; Prior 1.725 mln

0945 Chicago PMI for Feb: Expected 57.0; Prior 56.7

1100 KC Fed Manufacturing for Feb: Prior 2

1100 KC Fed Composite Index for Feb: Prior 5

(Reporting by Hrithik Kiran Bagade in Bengaluru; Editing by Maju Samuel)

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