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

Wed Apr 30, 2014 9:21am EDT
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(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; The Day Ahead newsletter


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.   Continued...