October 4, 2018 / 11:43 AM / 18 days ago

CANADA STOCKS-Futures down as oil prices slip, global yields rise

Oct 4 (Reuters) - Futures pointed to a lower opening for Canada's main stock index on Thursday as oil prices fell on the possibility of higher output from Saudi Arabia and Russia offsetting tighter supplies following the sanctions on Iran, as well as a jump in global bond yields.

The two countries struck a private deal in September to raise oil production to cool rising prices, sources told Reuters.

Global stock markets were pressured after strong U.S. services sector and payrolls data powered a jump in Treasury yields and also strengthened chances of a Federal Reserve rate hike.

December futures on the S&P/TSX index were down 0.31 percent at 7:05 a.m. ET.

Ivey Purchasing Managers Index data is due at 10:00 a.m. ET

The Toronto Stock Exchange's S&P/TSX rose 54.82 points, or 0.34 percent, to 16,072.05 on Wednesday.

Dow Jones Industrial Average e-mini futures were down 0.3 percent at 7:10 a.m. ET, while S&P 500 e-mini futures were down 0.35 percent and Nasdaq 100 e-mini futures were down 0.47 percent.

TOP STORIES

Canadian mergers-and-acquisitions activity nearly doubled in the third quarter, fueled by deals in the mining, real estate and cannabis sectors, according to Thomson Reuters data.

Small Canadian oil producers are striking complex deals with refineries, diversifying production and seeking marketing help as they try to soften the blow from record price discounts on heavy crude generated by pipeline congestion.

Major oil producers must take "the right steps" to ease supply concerns that have lifted crude prices to a four-year high, the head of the International Energy Agency told Reuters.

ANALYST RESEARCH HIGHLIGHTS

Aecon Group Inc: Canaccord Genuity raises target price to C$23 from C$22

TMAC Resources Inc: CIBC cuts price target to C$7.00 from C$8.50

COMMODITIES AT 7:25 a.m. ET

Gold futures: $1198.9; fell 0.1 percent

US crude: $76.34; fell 0.09 percent

Brent crude: $86.14; fell 0.17 percent

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Initial jobless claims : Expected 213,000; Prior 214,000

0830 Jobless claims 4-week average : Prior 206,250

0830 Continued jobless claims : Expected 1.665 mln; Prior 1.661 mln 1000 Durables ex-defense, R mm for Aug: Prior 2.6 pct

1000 Durable goods, R mm for Aug: Prior 4.5 pct

1000 Factory orders mm for Aug: Expected 2.1 pct; Prior -0.8 pct

1000 Durables ex-transport R mm for Aug: Prior 0.1 pct

1000 Nondefense cap ex-air R mm for Aug: Prior -0.5 pct

1000 Factory ex-transport mm for Aug: Prior 0.2 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$1.29 Reporting by Debanjan Bose in Bengaluru; Editing by Sriraj Kalluvila

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