December 23, 2014 / 2:02 PM / 3 years ago

CANADA STOCKS-TSX set to open higher on better-than-expected GDP data

4 Min Read

(Adds Canada and U.S. data)

Dec 23 (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Tuesday as data showed the economy expanded more than expected in October.

The Canadian economy showed surprising strength, growing by 0.3 percent after a 0.4 percent gain in September, partly the result of an unexpected surge in manufacturing.

March futures on the S&P TSX index were up 0.37 percent at 8.45 a.m. ET, after being up 0.08 percent just before the release of the data.

Canada's main stock index slipped on Monday as most energy companies fell on weak oil prices. But the retreat was muted by gains by banks and railways.

Dow Jones Industrial Average e-mini futures were up 0.34 percent at 8.45 a.m. ET, while S&P 500 e-mini futures were up 0.30 percent and Nasdaq 100 e-mini futures were up 0.26 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

Top Stories

Encana Corp will sell some natural gas gathering and compression facilities in British Columbia it owns jointly with a unit of Mitsubishi Corp to Veresen Midstream LP.

Enbridge Inc said on Monday it was rationing space on its Ozark crude oil pipeline for January, and its Spearhead pipeline for January and February.

COMMODITIES AT 8.45 a.m. ET

Gold futures : $1,177.6; -0.18 pct

US crude : $56.41; +2.10 pct

Brent crude : $61.12; +1.68 pct

LME 3-month copper : $6,323; -0.50 pct

Analyst Research Highlights

MEG Energy Corp : Barclays cuts target price to C$24 from C$25

Northern Blizzard Resources Inc : CIBC cuts target price to C$17 from C$19

Prometic Life Sciences Inc : Canaccord Genuity ups price target to C$3 from C$2.50

u.s. Economic Data Due on Tuesday

0830 Corporate profits revise for Q3: Actual 4.7 pct; Prior 3.2 pct

0830 Durable goods for Nov: Actual -0.7 pct; Prior 0.3 pct

0830 Durables ex-transport for Nov: Actual -0.4 pct; Prior -1.1 pct

0830 Durables ex-defense mm for Nov: Actual -0.1 pct; Prior -0.7 pct

0830 Nondefense ex-air for Nov: Actual 0.0 pct; Prior -1.6 pct

0830 GDP final for Q3: Actual 5.0 pct; Prior 3.9 pct

0830 GDP sales final for Q3: Actual 5.0 pct; Prior 4.1 pct

0830 GDP consumer spending Final for Q3: Actual 3.2 pct; Prior 2.2 pct

0830 GDP deflator Final for Q3: Actual 1.4 pct; Prior 1.4 pct

0900 Monthly Home Price mm for Oct: Prior 0.0 pct

0900 Monthly Home Price yy for Oct: Prior 4.3 pct

0955 U Michigan sentiment final for Dec: Expected 93.5; Prior 93.8

1000 Personal consumption real mm for Nov: Prior 0.2 pct

1000 Personal income mm for Nov: Expected 0.5 pct; Prior 0.2 pct

1000 Core PCE Price Index yy for Nov: Prior 1.6 pct

1000 New home sales-units mm for Nov: Expected 0.460 mln; Prior 0.458 mln

1000 Richmond Fed Composite Index for Dec: Prior 4

1000 Richmond Fed, Services Index for Dec: Prior 25

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$1.16) (Reporting by Samarendra Sahoo in Bengaluru; Editing by Saumyadeb Chakrabarty and Joyjeet Das)

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