April 23, 2014 / 12:08 PM / 3 years ago

CANADA STOCKS--TSX set to open lower, China manufacturing data weighs

3 Min Read

April 23 - Stock futures indicated lower opening for Canadian shares on Wednesday as signs of a slowing Chinese economy and worries about Ukraine offset some positive European economic data.

Chinese factory activity shrank for the fourth straight month in April but private businesses across the euro zone enjoyed their best month in nearly three years.

June futures on the S&P TSX index <0#SXF:> were down 0.02 percent at 0745 ET.

Retail sales data for Feb is due at 0830 ET

The S&P TSX index rose on Tuesday, helped by a surge in shares of Valeant Pharmaceuticals International Inc after it offered to buy Botox maker Allergan Inc and an upbeat outlook from Canadian Pacific Railway Ltd .

Dow Jones Industrial Average futures were down 0.03 percent at 0745 ET, S&P 500 futures were down 0.09 percent and Nasdaq 100 futures were down 0.18 percent.

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

Top Stories

Valeant Pharmaceuticals said it and activist investor Bill Ackman made an unsolicited $47 billion bid to buy Botox maker Allergan as it seeks to become one of the world's five biggest drug companies.

Canadian Imperial Bank of Commerce and two private equity consortia are exploring offers for global asset manager Russell Investments, according to several people familiar with the matter.

Contract electronics manufacturer Celestica Inc's quarterly profit more than tripled.

Commodities at 0745 Et

Gold futures : $1284.6; +0.31 percent

US crude : $101.59; -0.16 percent

Brent crude : $109.39; +0.12 percent

LME 3-month copper : $6638.25; -0.48 percent [MET/L

Analyst Research Highlights

Canadian National Railway : Canaccord Genuity raises target price to C$62.50 from C$60.50; rating hold

CI Financial Corp : CIBC raises target price to C$41 from C$39; rating sector performer

Teck Resources : RBC cuts target price to $32 from $33; rating outperform

u.s. Economic Data Due on Wednesday

09:45 Markit Manufacturing PMI Flash for Apr: Expected 56.0 Prior 55.5

10:00 New Home Sales-Units mm for Mar: Expected 0.450 mln Prior 0.440 mln

10:00 New Home Sales Change mm for Mar: Prior -3.3 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= $1.11 Canadian Reporting by Nikhil Kumar in Bangalore; Editing by Ted Kerr

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