TSX set to open higher, Canadian trade gap narrows

Thu Jul 3, 2014 8:56am EDT
 
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(Reuters) - Canadian stocks looked set to open higher on Thursday with June futures on the S&P TSX index <0#SXF:> up 0.35 percent at 0845 ET.

A resumption of growth in Canadian exports in May, after some plant maintenance in April, helped cut the trade gap to C$152 million from C$961 million in April, despite record imports, Statistics Canada said.

U.S. employment growth jumped in June and the unemployment rate declined to near a six-year low of 6.1 percent, effectively dispelling fears about the economy's health and underscoring its momentum heading into the second half of 2014.

The TSX index hit its highest-ever level on Wednesday as stronger-than-expected U.S. private sector jobs data helped lift banks, oil companies and miners.

Dow Jones Industrial Average e-mini futures 1YMc1 were down 0.02 percent at 0845 ET, while S&P 500 e-mini futures ESc1 were down 0.04 percent. Nasdaq 100 e-mini futures NQc1 were up 0.06 percent. [.N]

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A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch