July 31, 2014 / 12:52 PM / in 3 years

CANADA STOCKS-Futures indicate lower open for Canadian stocks

(Adds Canadian and U.S. economic data)

July 31 (Reuters) - Canadian stocks looked set to open lower on Thursday, even as data showed economy grew at a better-than-expected pace in May.

September futures on the S&P TSX index <0#SXF:> were down 0.32 percent at 0845 ET.

The Canadian economy expanded for the fifth consecutive month in May, growing 0.4 percent from April, Statistics Canada data indicated.

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

Dow Jones Industrial Average e-mini futures were down 0.67 percent at 0845 ET, while S&P 500 e-mini futures were down 0.73 percent. Nasdaq 100 e-mini futures were down 0.77 percent.

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

TOP STORIES

Valeant Pharmaceuticals International, embroiled in a bitter battle to take over Botox-maker Allergan Inc, cut its full-year profit and revenue forecasts to reflect the sale of its rights to several skincare products.

Shaw Communications Inc said it would buy data center services provider ViaWest Inc from Oak Hill Capital Partners and others in a deal valued at $1.2 billion on an enterprise basis.

Goldcorp Inc reported a stronger second-quarter profit as higher gold and silver sales and lower production costs offset the impact of lower bullion prices.

Imperial Oil Ltd, Canada's No.2 integrated oil company, reported higher second-quarter revenue, driven by increased bitumen prices and production.

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

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.

COMMODITIES AT 0845 ET

Gold futures : $1,294.7; -0.06 pct

US crude : $99.64; -0.63 pct

Brent crude : $106.41; -0.09 pct

LME 3-month copper : $7,139.75; 0.21 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: Actual +302,000, prior +284,000

0830 Jobless claims 4-week average: Actual +297,250, Prior +302,000

0830 Continued jobless claims: Actual +2.539 mln, prior +2.500 mln

0830 Employment wages qq for Q2: Actual +0.6 pct, Prior +0.3 pct

0830 Employment benefits qq for Q2: Actual +1.0 pct, Prior +0.4 pct

0830 Employment costs for Q2: Actual +0.7 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; Editing by Ted Kerr

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