CANADA STOCKS-Weak economic data weighs on futures

Fri Jul 29, 2016 9:15am EDT
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(Adds economic data)

July 29 (Reuters) - Futures pointed to a lower start for Canada's main stock index on Friday after data showed Canadian economy recorded its biggest monthly decline since March 2009 as wildfires in northern Alberta caused a sharp drop in oil extraction.

Monthly gross domestic product fell 0.6 percent in May, topping economists' expectations for a decline of 0.4 percent.

September futures on the S&P TSX index were down 0.12 percent at 8:45 a.m. ET.

Weakness in oil prices, with Brent prices on track for its biggest monthly loss since December 2015, also weighed on investor sentiment.

The U.S. economy grew far less than expected in the second quarter as inventories fell for the first time since 2011. The Commerce Department said on Friday gross domestic product increased at a 1.2 percent annual rate after rising by a downwardly revised 0.8 percent pace in the first quarter.

Statistics Canada also reported producer prices rose in June as the cost of energy and petroleum products increased for a fourth month in a row.

Canada's main stock index eked out a small gain on Thursday, helped by positive earnings surprises from Teck Resources Ltd and others, while disappointment over Potash Corp's dividend and outlook cut and other earnings misses weighed.

Dow Jones Industrial Average e-mini futures were down 0.26 percent at 8:45 a.m. ET, while S&P 500 e-mini futures were down 0.20 percent and Nasdaq 100 e-mini futures were up 0.07 percent.   Continued...