February 26, 2016 / 2:22 PM / in 2 years

CANADA STOCKS-Futures extend gains after U.S. economic data

(Adds U.S. economic data)

Feb 26 (Reuters) - Canadian stock futures extended gains on Friday after data showed U.S. economic growth slowed less sharply than expected in the fourth quarter.

A recovery in crude oil prices from early losses also kept stock futures higher.

U.S. gross domestic product increased at a 1.0 percent annual rate in the quarter instead of the previously reported 0.7 percent pace, the U.S. Commerce Department said on Friday in its second GDP estimate.

March futures on the S&P TSX index were up 0.95 percent at 8:50 a.m. ET.

Canada’s main stock index notched a small gain on Thursday as two major banks rose after reporting quarterly numbers, while energy stocks weighed despite a late rally in crude prices.

Dow Jones Industrial Average e-mini futures were up 0.73 percent at 8:50 a.m. ET. S&P 500 e-mini futures were up 0.70 percent and Nasdaq 100 e-mini futures were up 0.85 percent.

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

TOP STORIES

Husky Energy Inc, Canada’s No. 3 integrated oil company, posted a smaller-than-expected quarterly loss as cost cuts help cushion the impact from slumping crude oil prices.

Auto parts maker Magna International Inc reported a rise in quarterly sales, excluding the impact of a strong U.S. dollar, helped by healthy demand in Europe and North America.

Goldcorp Inc, the world’s largest gold producer by market value, forecast 2016 gold production of 2.8 million-3.1 million ounces, lower than its 2015 output, and the company reduced its dividend.

COMMODITIES AT 8:50 a.m. ET

Gold futures : $1,230.00; -0.66 pct

US crude : $34.33; +3.78 pct

Brent crude : $36.78; +4.11 pct

LME 3-month copper : $4,665.50; +3.58 pct

ANALYST RESEARCH HIGHLIGHTS

Goldcorp Inc : Canaccord Genuity cuts target price to C$21.50 from C$23.50; rating “hold”

Loblaw Cos Ltd : RBC cuts target price to C$76 from C$78; rating “sector perform”

Stantec Inc : RBC cuts target price to C$34 from C$37

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Advanced goods trade balance for Jan: Actual -$62.23 bln; Prior -$61.50 bln

0830 GDP growth 2nd estimate for Q4: Actual 1.0 pct; Prior 0.7 pct

0830 GDP sales preliminary for Q4: Actual 1.2 pct; Prior 1.2 pct

0830 GDP Cons spending preliminary for Q4: Actual 2.0 pct; Prior 2.2 pct

0830 GDP deflator preliminary for Q4: Actual 1.0 pct; Prior 0.8 pct

0830 Core PCE prices preliminary for Q4: Actual 1.3 pct; Prior 1.2 pct

0830 PCE prices preliminary for Q4: Actual 0.4 pct; Prior 0.1 pct

1000 Personal consumption real mm for Jan: Prior 0.1 pct

1000 Personal income mm for Jan: Expected 0.4 pct; Prior 0.3 pct

1000 Consumption, adjusted mm for Jan: Expected 0.3 pct; Prior 0.0 pct

1000 Core PCE price index mm for Jan: Expected 0.2 pct; Prior 0.0 pct

1000 Core PCE price index yy for Jan: Prior 1.4 pct

1000 PCE price index mm for Jan: Prior -0.1 pct

1000 PCE price index yy for Jan: Prior 0.6 pct

1000 U Mich Sentiment Final for Feb: Expected 91.0; Prior 90.7

1000 U Mich Conditions Final for Feb: Expected 105.8; Prior 105.8

1000 U Mich Expectations Final for Feb: Expected 80.8; Prior 81.0

1000 U Mich 1 year inflation final for Feb: Prior 2.5 pct

1000 U Mich 5-year inflation final for Feb: Prior 2.4 pct

1030 ECRI Weekly Index: Prior 128.6

1030 ECRI Weekly Annualized: Prior -3.1 pct

1300 Dallas Fed PCE for Jan: Prior 0.9 pct

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$1.35) (Reporting by Nikhil Kumar in Bengaluru; Editing by Saumyadeb Chakrabarty and Kirti Pandey)

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