CANADA STOCKS-Futures point to lower open, BoC rate decision in focus

Wed Jun 4, 2014 8:51am EDT
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(Adds Canadian and U.S. economic data)

June 4 (Reuters) - Canadian stocks looked set to open lower on Wednesday, with the Bank of Canada expected to keep interest rates unchanged.

June futures on the S&P TSX index <0#SXF:> were down 0.14 percent at 0845 ET.

The central bank, which will announce its policy decision at 0900 ET, is expected to hold its key rate at 1 percent and show no sign of changing its neutral stance, even though inflation has jumped to its 2 percent target sooner than expected.

Canada unexpectedly slipped back into a trade deficit in April, data showed on Wednesday, after two months of surplus as imports jumped to a record-high and exports fell, mainly because of lower sales of energy and mining products.

The S&P TSX index rose for a third straight session on Tuesday, driven by gains in the share prices of energy producers and financial companies, as positive economic data from China boosted sentiment.

U.S. stock index futures also pointed to a lower open on Wednesday as data on the labor market came in weaker than expected. Dow Jones Industrial Average e-mini futures were down 0.24 percent at 0845 ET, while e-mini S&P 500 futures were down 0.29 percent and e-mini Nasdaq 100 futures were down 0.34 percent.

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