April 30, 2014 / 1:23 PM / 3 years ago

CANADA STOCKS-TSX set to open lower as US growth disappoints

(Updates U.S. and Canada economic data)

April 30 (Reuters) - Canadian stocks were set to open lower on Wednesday, after data showed the U.S. economy grew at a sharply lower-than-expected pace in the first quarter.

June futures on the S&P TSX index <0#SXF:>, Canada’s main stock index, were down 0.02 percent at 0900 ET.

The index climbed on Tuesday to its highest 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 0.03 percent at 0900 ET, S&P 500 futures were down 0.08 percent and Nasdaq 100 futures were down 0.26 percent.

The U.S. economy barely grew in the first quarter as exports tumbled and businesses accumulated stocks at the slowest pace in nearly a year.

The Canadian economy grew by 0.2 percent in February from January as expected, moving past December's weather-induced decline but growing only at a modest pace, according to data released by Statistics Canada. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

Canada’s industrial product prices rose 0.4 percent in March from February, partly because a lower Canadian currency raises the Canadian price of goods priced in U.S. dollars, Statistics Canada said.

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

Loblaw Cos Ltd, Canada’s largest grocer, reported lower-than-expected quarterly revenue in the face of increasing competition from expanding U.S. rivals.

COMMODITIES AT 0900 ET

Gold futures : $1,294.2; -0.14 pct

US crude : $100.05; -1.20 pct

Brent crude : $108.24; -0.69 pct

LME 3-month copper : $6,717.50; +0.04 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 Apr: Actual 220,000 Prior 191,000

0830 GDP Advance for Q1: Actual 0.1 pct Prior 2.6 pct

0830 GDP Sales Advance for Q1: Actual 0.7 pct 2.7 pct

0830 GDP Consumer Spending Adv for Q1: Actual 3.0 pct Prior 3.3 pct

0830 GDP Deflator Advance for Q1: Actual 1.3 pct Prior 1.6 pct

0830 Core PCE Prices Advance for Q1: Actual 1.3 pct Prior 1.3 pct

0830 PCE Prices Advance for Q1: Actual 1.4 pct Prior 1.1 pct

0830 Employment Wages qq for Q1: Actual 0.3 pct Prior 0.5 pct

0830 Employment Benefits qq for Q1: Actual 0.4 pct Prior 0.6 pct

0830 Employment Costs for Q1: Actual 0.3 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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