(Reuters) – Futures for Canada’s main stock index edged higher on Tuesday after Thomson Reuters posted upbeat quarterly revenue, while a slide in crude prices kept most gains in check.
Thomson Reuters Corp reported higher revenue in the fourth quarter and raised its dividend and sales forecast, although it said operating profit fell from a year ago.
Crude prices slipped ahead of the resumption of indirect talks between the United States and Iran and as the prospect of a rise in U.S. crude inventories loomed.
March futures on the S&P/TSX index were 0.2% higher at 08:11 a.m. ET.
Oil slipped towards $90 a barrel ahead of the resumption of U.S.-Iran negotiations, which could revive an international nuclear agreement and allow more oil exports from the OPEC producer. [O/R]
Crude prices also came under pressure from the possibility of an increase in U.S. crude inventories. Analysts estimate that inventories rose by 700,000 barrels in the week to Feb. 4.
The Toronto Stock Exchange’s S&P/TSX composite index ended 0.2% lower on Monday, consolidating last week’s sharp gains, as declines for technology and industrial shares offset gains for the materials group. [.TO]
Dow e-minis were up 36 points, or 0.1% at 8:11 a.m. ET, while S&P 500 e-minis were down 2.25 points, or 0.05% and Nasdaq 100 e-minis were down 23.5 points, or 0.16%. [.N]
TOP STORIES [TOP/CAN]
Cenovus Energy Inc posted a wider quarterly loss primarily due to on-cash impairment of C$1.9 billion ($1.50 billion) in the U.S. manufacturing segment.
ANALYST RESEARCH HIGHLIGHTS [RCH/CA]
CI Financial Corp: TD Securities cuts target price to C$28 from C$32
Fairfax Financial Holdings: National Bank of Canada ups PT to C$1,000 from C$825
Prairiesky Royalty Ltd: CIBC raises target price to C$22 from C$20
Sprott Inc: TD Securities cuts target price to C$55 from C$61
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,817; -0.2% [GOL/]
US crude: $89.69; -1.8% [O/R]
Brent crude: $90.84; -2% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1 = 1.2712 Canadian dollars)
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju Samuel)
