November 17, 2014 / 12:57 PM / 3 years ago

CANADA STOCKS-Futures point to a lower start on global growth concerns

Nov 17 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Monday after an unexpected economic contraction in Japan added to worries about global growth.

The world’s third-largest economy unexpectedly shrank by an annualized 1.6 percent in July-September.

December futures on the S&P TSX index were down 0.16 percent at 7:45 a.m. ET.

Canadian Securities data is due at 8:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index advanced on Friday, recording its 5th straight weekly gain as natural resource shares jumped on the back of surging commodity prices. Bullish U.S. economic data provided further support.

Dow Jones Industrial Average e-mini futures were down 0.18 percent at 7:45 a.m. ET, while S&P 500 e-mini futures were down 0.23 percent and Nasdaq 100 e-mini futures were down 0.15 percent.

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

TOP STORIES

Canadian buyout firm Onex Corp is leading the bidding for Swiss packaging group SIG Combibloc Group, a source familiar with the deal said.

Osisko Gold Royalties Ltd, which holds interests in gold assets across Canada, said it would buy gold explorer Virginia Mines Inc for about C$479 million ($424 million).

JPMorgan Chase said its agreement relating to the Sears Card and Sears MasterCard credit cards in Canada will terminate on the expiration date of Nov. 15, 2015, a setback for the struggling clothing and household goods retailer.

COMMODITIES AT 7:45 a.m. ET

Gold futures : $1,188.50; +0.24 pct

US crude : $75.05; -1.02 pct

Brent crude : $78.45; -1.23 pct

LME 3-month copper : $6,670; -0.52 pct

ANALYST RESEARCH HIGHLIGHTS

Alaris Royalty Corp : Raymond James cuts rating to “market perform” from “outperform”

B2Gold : CIBC cuts target price to C$3.75 from C$4

First Quantum Minerals : Nomura cuts target price to C$18 from C$19; rating “neutral”

U.S. ECONOMIC DATA DUE ON MONDAY

0830 NY Fed Manufacturing for Nov: Expected 11.00; Prior 6.17

0915 Indtrial Output mm for Oct: Expected 0.2 pct; Prior 1.0 pct

0915 Capacity Utilization mm for Oct: Expected 79.3 pct; Prior 79.3 pct

0915 Manuf Output mm for Oct: Expected 0.3 pct; 0.5 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= C$1.13 Reporting by Nikhil Kumar; Editing by Ted Kerr

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