April 30, 2014 / 11:44 AM / 3 years ago

CANADA STOCKS-TSX may open higher, investors eye Fed meeting

3 Min Read

April 30 (Reuters) - Stock futures pointed to a higher opening for Canadian stocks on Wednesday, ahead of the Federal Reserve's policy meeting to decide on stimulus tapering.

June futures on the S&P TSX index <0#SXF:> were up 0.07 percent at 0715 ET.

GDP and producer prices data are due at 0830 ET

The index climbed on Tuesday to its strongest level in almost six years as robust results from Suncor Energy Inc boosted shares of the oil producer and higher oil prices lifted other energy stocks.

Dow Jones Industrial Average futures were down 0.15 percent, S&P 500 futures were down 0.10 percent and Nasdaq 100 futures were down 0.29 percent.

Fed officials are expected to decide unanimously at the conclusion of their two-day meeting on Wednesday to continue tapering the central bank's massive bond-buying stimulus. Investors will focus on what their statement implies about the monetary policy outlook. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

Top Stories

Barrick Gold Corp , the world's largest gold miner, reported a 90 percent fall in quarterly earnings, hurt by lower gold prices and production.

Canadian oil and gas producer Cenovus Energy Inc reported a better-than-expected operating profit, helped by a 48 percent jump in production at its Christina Lake oil sands project in northern Alberta.

Loblaw Cos Ltd, Canada's largest grocer, reported a 4 percent rise in quarterly adjusted profit as same-store sales rose.

Commodities at 0715 Et

Gold futures : $1,289.8; -0.48 pct

US crude : $100.34; -0.93 pct

Brent crude : $108.47; -0.46 pct

LME 3-month copper : $6,718.25; +0.07 pct

Analyst Research Highlights

Yamana Gold Inc : Davy cuts rating to neutral from outperform

Genworth MI Canada Inc : RBC raises target price to C$42 from C$41

Tembec Inc : RBC raises to outperform from sector perform; target price to C$3.50 from C$3.00

u.s. Economic Data Due on Wednesday

0815 ADP National Employment for April: Expected +210,000 prior +191,000

0830 GDP Advance for Q1: Expected +1.2 pct prior +2.6 pct

0830 GDP Sales Advance for Q1: Expected +1.8 pct prior +2.7 pct

0830 GDP Consumer Spending Adv for Q1: Prior +3.3 pct

0830 GDP Deflator Advance for Q1: Expected +1.6 pct prior +1.6 pct

0830 Core PCE Prices Advance for Q1: Expected +1.2 pct prior +1.3 pct

0830 PCE Prices Advance for Q1: Expected +1.4 pct prior +1.1 pct

0830 Employment Wages qq for Q1: Prior +0.5 pct

0830 Employment Benefits qq for Q1: Prior +0.6 pct

0830 Employment Costs for Q1: Expected +0.5 pct prior +0.5 pct

0945 Chicago PMI for April: Expected +56.7 prior +55.9

1400 Fed Funds Target Rate N/A: Prior +0.25 pct

1400 QE Total: Prior +55 bln

1400 QE MBS N/A: Prior +25 bln

1400 QE Treasuries N/A: Prior +30 bln

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= $1.10 Canadian Reporting by Mononshila Deka in Banagalore; Editing by Saumyadeb Chakrabarty

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