Jan 27 (Reuters) - Canada's main stock index futures drifted
lower on Wednesday as investors turned cautious ahead of the
U.S. Federal Reserve's rate decision later in the day.
While the central bank is almost certain to keep interest
rates unchanged, investors are keen to see its latest economic
outlook, given the turbulent start to global financial markets
this year.
Oil prices too weighed on investors' sentiment after another
slide following a surprise rise in U.S. inventories.
U.S. crude stocks rose by 11.4 million barrels last week to
496.6 million, the American Petroleum Institute said, topping
analyst expectations for an increase of 3.3 million barrels.
API/S
March futures on the S&P TSX index SXFc1 were down 0.84
percent at 7:15 a.m. ET.
No major economic events are scheduled ECONCA .
Canada's main stock index rose on Tuesday as shares in
energy companies and banks were helped by a recovery in the
price of oil to above $31 a barrel, while a 12-week high for the
price of gold helped lift mining stocks.
Dow Jones Industrial Average e-mini futures 1YMc1 were
down 0.38 percent at 7:15 a.m. ET, while S&P 500 e-mini futures
Esc1 were down 0.59 percent and Nasdaq 100 e-mini futures
NQc1 were down 0.93 percent.
TOP STORIES
Canadian National Railway Co CNR.TO reported a
better-than-expected fourth quarter profit and raised its 2016
quarterly dividend by 20 percent as costs fell on lower fuel
expenses.
AT 7:15 a.m.Gold futures GCc2 : $1,116.90; -0.29 pct
US crude CLc1 : $30.48; -3.08 pct O/R
Brent crude LCOc1 : $31.25; -1.73 pct O/R
LME 3-month copper CMCU3 : $4,524.50; -0.32 pct
ANALYST RESEARCH HIGHLIGHTS
Canadian National Railway CNR.TO : Raymond James cuts
target price to C$78 from C$84
Detour Gold Corp DGC.TO : Goldman Sachs (N:GS) raises target price
to C$18 from C$17; rating "buy"
Trican Well Service TCW.TO : NBF raises target price to
C$2.70 from C$2.00; rating "outperform"
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1000 New home sales-units mm for Dec: Expected 0.500 mln;
Prior 0.490 mln
1000 New home sales change mm for Dec: Expected 2.0 pct;
Prior 4.3 pct
1400 Fed funds target rate: Expected 0.375 pct
($1= C$1.41)