May 20, 2016 / 12:03 PM / a year ago

CANADA STOCKS-Futures trade higher ahead of economic data

3 Min Read

May 20 (Reuters) - Canada's main stock index was set to open higher on Friday ahead of inflation and retail sales data.

The annual inflation rate is expected to have risen to 1.7 percent in April, bringing it closer to the Bank of Canada's 2 percent target. Core inflation, which strips out some volatile items, is expected to be more robust at 2.0 percent.

Canada retail sales for March are estimated to have dropped by 0.6 percent after rising for the past two months in a row.

Inflation and retail sales data are due at 8:30 a.m. ET .

June futures on the S&P TSX index were up 0.36 percent at 7:30 a.m. ET.

The Toronto Stock Exchange's S&P/TSX composite index pared losses after hitting a one-week low earlier on Thursday as the materials group rose more than 2 percent, offsetting declines in the financial and industrial stocks.

Dow Jones Industrial Average e-mini futures were up 0.22 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were up 0.20 percent and Nasdaq 100 e-mini futures were up 0.31 percent.

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

Top Stories

Canadian Prime Minister Justin Trudeau will urge fellow leaders at a Group of Seven summit next week to invest in their economies to boost growth rather than focus on cutting costs.

Beleaguered Canadian drugmaker Valeant Pharmaceuticals International Inc said it received a notice of default from bondholders for the delay in filing its first-quarter report.

COMMODITIES AT 7:30 a.m. ET

Gold futures : $1,256.60; +0.14 pct

US crude : $48.08; -0.17 pct

Brent crude : $48.62; -0.39 pct

LME 3-month copper : $4,620.00; +0.87 pct

Analyst Research Highlights

CAE Inc : CIBC raises target price to C$18 from C$17.50

Dragonwave Inc : CIBC cuts target price to C$25 from C$30

Paramount Resources Ltd : RBC raises target price to C$10 from C$9; rating "sector perform"

u.s. Economic Data Due on Friday

1000 Existing home sales for Apr: Expected 5.40 mln; Prior 5.33 mln

1000 Existing home sales percentage change for Apr: Expected 1.3 pct; Prior 5.1 pct

1030 ECRI weekly index: Prior 135.0

1030 ECRI weekly annualized: Prior 5.7 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$1.31) (Reporting by Nikhil Kumar in Bengaluru; Editing by Maju Samuel)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below