March 27, 2015 / 1:12 PM / 2 years ago

CANADA STOCKS-Futures reverse losses to point to higher open as dollar weakens

4 Min Read

(Updates U.S. economic data)

March 27 (Reuters) - Canada's main stock index futures reversed course to point to a higher open on Friday as the U.S. dollar weakened and as U.S. economic growth cooled and corporate profits slipped.

June futures on the S&P TSX index were up 0.2 percent at 8:45 a.m. ET. They were down 0.14 percent at 7:15 a.m. ET.

U.S. economic growth cooled in the fourth quarter as previously estimated, with businesses throttling back on inventory and equipment investment but robust consumer spending limiting the slowdown in the pace of activity.

Canada's main stock index slipped on Thursday as pessimism about economic growth hit banks and insurers, offsetting limited resource stock gains on the back of Middle Eastern violence that pushed oil prices higher.

No major Canadian economic events are scheduled for Friday.

Dow Jones Industrial Average e-mini futures were down 0.13 percent at 8:45 a.m. ET, while S&P 500 e-mini futures were down 0.07 percent and Nasdaq 100 e-mini futures were down 0.08 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

Top Stories

BlackBerry Ltd posted better-than-expected quarterly earnings on Friday, offering signs its turnaround efforts may be beginning to gain traction, but a larger-than-expected drop in revenue worried investors.

BRP Inc, the maker of Ski-Doo snowmobiles and Sea-Doo watercraft, reported a much higher-than-expected quarterly profit, helped by a stronger dollar, the introduction of new powersport vehicles and higher shipments of Can-Am off-road vehicles.

Kinross Gold Corp has agreed pay $33 million to settle a shareholder lawsuit that had accused the Canadian gold miner of defrauding investors through an ill-advised mine acquisition in Mauritania that has resulted in over $6 billion in writedowns.

COMMODITIES AT 8:45 a.m. ET

Gold futures : $1196.3; -0.73 pct

US crude : $50.81; -1.21 pct

Brent crude : $58.12; -1.81 pct

LME 3-month copper : $6124.5; -0.8 pct

Analyst Research Highlights

Chesswood : Canaccord Genuity ups to "buy" from "hold"; target price to C$13.75 from C$12.50

Imperial Oil : RBC raises price target to C$49 from C$47

Legacy Oil + Gas : Macquarie cuts to "neutral"; target price to C$2.00 from C$3.50

u.s. Economic Data Due on Friday

0830 Corporate profits prelim for Q4: Actual -1.60 pct; Prior +4.70 pct

0830 GDP final for Q4: Actual +2.20 pct; Prior +2.20 pct

0830 GDP sales final for Q4: Actual +2.30 pct; Prior +2.10 pct

0830 GDP cons spending final for Q4: Actual +4.40 pct; Prior +4.20 pct

0830 GDP deflator final for Q4: Actual +0.20 pct; Prior +0.10 pct

0830 Core PCE prices final for Q4: Actual +1.10 pct; Prior +1.10 pct

0830 PCE prices final for Q4: Actual -0.40 pct; Prior -0.40 pct

1000 U Mich Sentiment Final for Mar: Expected +92.0; Prior +91.2

1000 U Mich Conditions Final for Mar: Expected +103.5; Prior +103.0

1000 U Mich Expectations Final for Mar: Expected +84.0; Prior +83.7

1000 U Mich 1yr inf final for Mar: Prior +3.00 pct

1000 U Mich 5-yr inf final for Mar: Prior +2.80 pct

1030 ECRI Weekly Index: Prior +131.1

1030 ECRI Weekly Annualized: Prior -3.70 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$1.25 Reporting by Nandi Kaul in Bengaluru; Editing by Savio D'Souza

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