December 1, 2015 / 1:56 PM / 2 years ago

CANADA STOCKS-Market set to open higher after GDP data

3 Min Read

(Updates after GDP data)

Dec 1 (Reuters) - Canada's main stock index was set to open higher on Tuesday after data showed the country's economy returned to growth in the third quarter.

GDP increased at an annualized rate of 2.3 percent last quarter, just shy of the 2.4 percent growth analysts had expected.

December futures on the S&P TSX index were up 0.57 percent at 8:35 a.m. ET (1335 GMT).

Canada's main stock index rallied on Monday, led by strength in resource stocks and as financial shares rose ahead of bank earnings reports this week. However, the index lost 0.4 percent in November.

Dow Jones Industrial Average e-mini futures were up 0.44 percent at 8:35 a.m. ET, while S&P 500 e-mini futures were up 0.36 percent and Nasdaq 100 e-mini futures were up 0.34 percent.

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

Top Stories

Bank of Montreal reported a higher quarterly profit, benefiting from growth in its U.S. personal and commercial banking unit, and it increased its quarterly dividend.

Bank of Nova Scotia reported a higher quarterly profit, helped by asset growth and favorable foreign exchange moves.

Canadian Oil Sands Ltd set a capital expenditure target of C$295 million ($221 million) for 2016, down about 35 percent from the estimated budget for 2015, saying the Syncrude oil sands project would help raise output at lower costs.

COMMODITIES AT 8:35 a.m. ET

Gold futures : $1,069.60; +0.39 pct

US crude : $41.49; -0.43 pct

Brent crude : $44.35; -0.58 pct

LME 3-month copper : $4,605; +0.41 pct

Analyst Research Highlights

Jean Coutu Group PJC Inc : RBC cuts price target to C$20 from C$24

Cenovus Energy Inc : Goldman Sachs raises to "neutral" from "sell"

u.s. Economic Data Due on Tuesday

0855 Redbook mm: Prior +0.9 pct

0855 Redbook yy: Prior +1.5 pct

0945 Markit Manufacturing PMI Final for Nov: Prior 52.6

1000 Construction spending mm for Oct: Expected +0.5 pct; Prior +0.6 pct

1000 ISM Manufacturing PMI for Nov: Expected 50.5; Prior 50.1

1000 ISM Manufacturing Prices Paid Index for Nov: Expected 40.0; Prior 39.0

1000 ISM Manufacturing Employment Index for Nov: Expected 48.4; Prior 47.6

1000 ISM Manufacturing New Orders Index for Nov: Prior 52.9

1030 Texas Service Sector Outlook for Nov: Prior 5.6

1030 Dallas Fed Services Revenue Index for Nov: Prior 7.6

1330 Domestic car sales for Nov: Expected 5.80 mln; Prior 5.89 mln

1330 Domestic truck sales for Nov: Expected 8.52 mln; Prior 8.61 mln

1330 Total vehicle sales for Nov: Expected 18.10 mln; Prior 18.24 mln

1330 All car sales for Nov: Prior 8.01 mln

1330 All truck sales for Nov: Prior 10.23 mln

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$1.33) (Reporting by Ayesha Sruti Ahmed in Bengaluru; Editing by Kirti Pandey)

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