July 31, 2014 / 11:35 AM / 3 years ago

CANADA STOCKS-Futures indicate lower open ahead of GDP data

3 Min Read

July 31 (Reuters) - Canadian stocks looked set to open lower on Thursday as investors awaited the country's GDP data for May.

September futures on the S&P TSX index <0#SXF:> were down 0.18 percent at 0715 ET.

GDP numbers are due at 0830 ET. The economy is expected to grow by 0.3 percent in May, after it came in lower than expected at 0.1 percent in April.

The TSX index closed at a record high on Wednesday, boosted by positive U.S. economic data and the Federal Reserve's commentary on the outlook for monetary policy.

Dow Jones Industrial Average e-mini futures were down 0.49 percent at 0715 ET, while S&P 500 e-mini futures were down 0.56 percent. Nasdaq 100 e-mini futures were down 0.60 percent.

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

Top Stories

Canada's Valeant Pharmaceuticals International Inc, which is trying to take over Botox-maker Allergan Inc, said net income rose nearly 12-fold, boosted by strong sales at its Bausch & Lomb lens business.

China's foreign ministry accused Canada of making irresponsible accusations lacking any credible evidence after Canada singled out Chinese hackers for attacking a key computer network and lodged a protest with Beijing.

Bombardier Inc reported a slightly higher-than-expected second-quarter profit, boosted by higher sales of planes and trains.

The German government will not raise any objections to BlackBerry's planned acquisition of Secusmart, whose encryption technology protects the devices of government officials including Angela Merkel, the head of the company said.

Commodities at 0715 Et

Gold futures : $1,295.5; 0.0 pct

US crude : $99.58; -0.69 pct

Brent crude : $106.25; -0.24 pct

LME 3-month copper : $7,120.00; -0.07 pct

Analyst Research Highlights

First Quantum Minerals : RBC cuts to "sector perform" from "outperform"

Trican Well Service : CIBC raises to "sector performer" from "sector underperformer"

Genworth MI Canada : Canaccord Genuity raises target to C$42 from C$40.50; rating "hold"

u.s. Economic Data Due on Thursday

0830 Initial jobless claims: Expected +301,000, prior +284,000

0830 Jobless claims 4-week average: Prior +302,000

0830 continued jobless claims: Expected +2.495 mln, prior +2.500 mln

0830 Employment wages qq for Q2: Prior +0.3 pct

0830 Employment benefits qq for Q2: Prior +0.4 pct

0830 Employment costs for Q2: Expected +0.5 pct, prior +0.3 pct

0945 Chicago PMI for July: Expected +63.0, prior +62.6

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= $1.09 Canadian Reporting by Mononshila Deka in Bangalore

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