May 27, 2016 / 11:42 AM / a year ago

CANADA STOCKS-TSX set to open higher, Yellen speech awaited

May 27 (Reuters) - Canada’s main stock index was set to open slightly higher on Friday ahead of a speech by U.S. Federal Reserve Chair Janet Yellen, who is expected to provide clues on the timing of the next interest rate hike.

June futures on the S&P TSX index were up 0.23 percent at 7:15 a.m. ET.

No major economic events are scheduled for the day.

Canada’s benchmark stock index edged slightly lower on Thursday as resource stocks fell due to a decline in oil and gold prices.

Dow Jones Industrial Average e-mini futures were up 0.11 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.11 percent and Nasdaq 100 e-mini futures were up 0.20 percent.

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

TOP STORIES

Valeant Pharmaceuticals International Inc received a joint takeover offer from Japan’s Takeda Pharmaceutical Co Ltd and TPG Capital Management LP this spring that the embattled Canadian drugmaker rejected, according to a source familiar with the matter.

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,220.80; -0.06 pct

US crude : $49.11; -0.75 pct

Brent crude : $49.02; -1.17 pct

LME 3-month copper : $4,698.50; +0.82 pct

ANALYST RESEARCH HIGHLIGHTS

CIBC : RBC cuts target price to C$106 from C$107

Royal Bank of Canada : NBF raises target price to C$83 from C$77

Suncor Energy Inc : RBC cuts target price to C$40 from C$41; rating “outperform”

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Corporate profits preliminary for Q1: Prior -8.4 pct

0830 GDP 2nd estimate for Q1: Expected 0.9 pct; Prior 0.5 pct

0830 GDP sales preliminary for Q1: Expected 1.1 pct; Prior 0.9 pct

0830 GDP cons spending preliminary for Q1: Prior 1.9 pct

0830 GDP deflator preliminary for Q1: Expected 0.7 pct; Prior 0.7 pct

0830 Core PCE prices preliminary for Q1: Expected 2.1 pct; Prior 2.1 pct

0830 PCE prices preliminary for Q1: Expected 0.3 pct; Prior 0.3 pct

1000 University of Michigan Sentiment Index Final for May: Expected 95.4; Prior 95.8

1000 University of Michigan Conditions Index Final for May: Expected 108.5; Prior 108.6

1000 University of Michigan Expectations Index Final for May: Expected 86.6; Prior 87.5

1000 University of Michigan 1-year inflation final for May: Prior 2.5 pct

1000 University of Michigan 5-year inflation final for May: Prior 2.6 pct

1030 ECRI Weekly Index: Prior 134.5

1030 ECRI weekly annualized: Prior 5.3 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$1.30) (Reporting by Nivedita Balu in Bengaluru; Editing by Kirti Pandey)

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