March 31, 2015 / 12:57 PM / 2 years ago

CANADA STOCKS-TSX set to open lower as January GDP slips

3 Min Read

(Updates Canada GDP data)

March 31 (Reuters) - Stock futures pointed to a lower opening for Canadian stocks on Tuesday after data showed that the economy shrank 0.1 percent in January.

Weakness in the service sector more than offset growth in goods production, Statistics Canada said on Tuesday.

June futures on the S&P TSX index were down 0.19 percent at 8.30 a.m. ET.

The Toronto Stock Exchange's S&P/TSX composite index rose on Monday, buoyed by modest advances in the financial and energy sectors and a sharp increase in Catamaran Corp's price after UnitedHealth Group Inc agreed to buy the pharmacy-benefits manager.

Dow Jones Industrial Average e-mini futures were down 0.46 percent at 8.30 a.m. ET on Tuesday, while S&P 500 e-mini futures were down 0.47 percent and Nasdaq 100 e-mini futures were down 0.38 percent.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

Top Stories

Fairfax Financial Holdings has sold half of its 5.8 percent stake in Bank of Ireland for more than triple what it paid for it in 2011, a source with knowledge of the deal said.

Teck Resources Ltd and Antofagasta Plc denied on Monday that they were in talks about a merger after Bloomberg news reported that the two mining companies were in early stage talks.

Financial technology firm D+H said on Monday it agreed to acquire global payment services provider Fundtech for $1.25 billion in cash, in a bid to expand its service offerings aimed at global financial institutions and large U.S. banks.

COMMODITIES AT 8.30 a.m. ET

Gold futures : $1,186.20; +0.12 pct

US crude : $47.74; -1.93 pct

Brent crude : $55.01; -2.27 pct

LME 3-month copper : $6,065; -0.29 pct

Analyst Research Highlights

Belo Sun Mining Corp : BMO raises rating to "outperform" from "market perform"

Catamaran : CIBC cuts rating to "sector performer" from "sector outperformer"

Thomson Reuters : Bernstein raises target price to C$53 from C$46; rating "market-perform"

u.s. Economic Data Due on Tuesday

0855 Redbook mm: Prior 1.10 pct

0855 Redbook yy: Prior 2.80 pct

0900 CaseShiller 20 mm sa for Jan: Expected 0.60 pct; Prior 0.90 pct

0900 CaseShiller 20 mm nsa for Jan: Expected 0.10 pct; Prior 0.10 pct

0900 CaseShiller 20 mm for Jan: Expected 4.50 pct; Prior 4.50 pct

0945 Chicago PMI for Mar: Expected 51.5; Prior 45.8

1000 Consumer Confidence for Mar: Expected 96.0; Prior 96.4

1030 Texas Serv Sect Outlook for Mar: Prior 1.7

1030 Dallas Fed Services Reve for Mar: Prior 13.6

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$1.27 Reporting By Nikhil Kumar in Bangalore; Editing by Savio D'Souza and Saumyadeb Chakrabarty

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