July 22, 2016 / 1:12 PM / a year ago

CANADA STOCKS-Futures indicate higher open after economic data

3 Min Read

(Updates with economic data)

July 22 (Reuters) - Canada's main stock index futures pointed to a higher start on Friday after retail sales data exceeded estimates.

Retail sales rose by 0.2 percent in May from April to hit a record C$44.28 billion ($33.80 billion), largely because of increases for food, drink and gasoline, Statistics Canada said.

Retail sales growth, ex-autos, at 0.9 percent came in much better than the forecast of 0.3 percent.

Annual inflation rate remained at 1.5 percent in June, staying below the Bank of Canada's 2 percent target for a fifth consecutive month, Statistics Canada data indicated.

September futures on the S&P TSX index were up 0.11 percent at 8:45 a.m. ET.

Canada's main stock index rose to an 11-month high on Thursday as mining stocks rallied and strong earnings reports boosted the shares of Rogers Communications Inc and Encana Corp.

Dow Jones Industrial Average e-mini futures were up 0.12 percent at 8:45 a.m. ET, while S&P 500 e-mini futures were up 0.16 percent and Nasdaq 100 e-mini futures were up 0.13 percent.

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

Top Stories

Husky Energy Inc, Canada's No. 3 integrated oil company, reported a smaller-than-expected quarterly loss as the focus on fewer, more efficient resource plays helped reduce production costs.

Valeant Pharmaceuticals International Inc said on Friday that U.S. regulators have raised concerns over a new eye drop manufactured at a Bausch + Lomb facility in Florida.


Gold futures : $1,330.70; +0.02 pct

US crude : $44.90; +0.31 pct

Brent crude : $46.39; +0.41 pct

LME 3-month copper : $4,977.50; +0.03 pct

Analyst Research Highlights

Loblaw Cos Ltd : Barclays raises price target to C$78 from C$77

Rogers Communications Inc : Canaccord Genuity raises price target to C$55 from C$50

Westjet Airlines Ltd : Raymond James raises price target to C$22.25 from C$20.50

u.s. Economic Data Due on Friday

0945 Markit Manufacturing PMI Flash for Jul: Expected 51.6; Prior 51.3

1030 ECRI Weekly Index: Prior 137.0

1030 ECRI weekly annualized: Prior 6.9 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$1.31) (Reporting by Nikhil Kumar in Bengaluru; Editing by Kirti Pandey)

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