Aug 31 (Reuters) - Stock futures pointed to a lower opening for Canada's main stock index on Wednesday as crude oil prices slid on the back of a strong U.S dollar.
Worries of oversupply also played a role in lowering oil prices, although they remain on track for a monthly gain of over 10 percent. futures on the S&P TSX index SXFc1 were down 0.13 percent at 7:15 a.m. ET.
Second-quarter GDP data is due at 8:30 a.m. ET and is expected to have contracted by 1.5 percent ECONCA
Canada's main stock index edged slightly higher on Tuesday as bank and fertilizer stocks rallied, but gains for the index were mostly pared as lower gold prices weighed on mining stocks. Jones Industrial Average e-mini futures 1YMc1 were down 0.02 percent at 7:15 a.m. ET. S&P 500 e-mini futures ESc1 were up 0.01 percent and Nasdaq 100 e-mini futures NQc1 were up 0.03 percent. .N
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TOP STORIES TOP/CAN
Canada will apply to join China-backed Asian Infrastructure Investment Bank (AIIB), the bank's president Jin Liqun said, making it the latest ally of the United States to join the new international development bank. Butte Energy TBE.TO debenture holders, who on Monday rejected a takeover bid by Reignwood Resources Holding Pte Ltd, have made an alternative proposal on the deal to the Canadian oil producer's special committee, a source familiar with the situation said on Tuesday. RESEARCH HIGHLIGHTS RCH/CA
Alimentation Couche-Tard ATDb.TO : NBF raises target price to C$77 from C$76; "outperform"
Bank of Nova Scotia BNS.TO : Barclays (LON:BARC) ups price target to C$63 from C$60; "equal weight"
Crew Energy CR.TO : National Bank Financial ups target to C$8.50 from C$7.50; "outperform"
COMMODITIES AT 7:15 a.m. ET COM/WRAP
Gold futures GCc1 : $1312.6; +0.07 percent GOL/
US crude CLc1 : $45.96; -0.84 percent O/R
Brent crude LCOc1 : $47.88; -1.10 percent O/R
LME 3-month copper CMCU3 : $4624; +0.38 percent MET/L
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0815 ADP national employment for August: Expected 175,000; Prior 179,000
0945 Chicago PMI for August: Expected 54.0; Prior 55.8
1000 Pending Homes Index for July: Prior 111.0
1000 Pending sales change mm for July: Expected 0.6 pct; Prior 0.2 pct
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Reuters global stocks poll for Canada EQUITYPOLL1 EPOLL/CA
Canadian markets directory CANADA ($1 = C$1.31)