(Updates Canada and U.S. economic data)
May 6 (Reuters) - Canadian stocks looked set to open lower on Tuesday after data showed Canada’s trade surplus plunged in March.
June futures on the S&P TSX index <0#SXF:> down 0.22 percent at 0850 ET after being down 0.12 percent just before the data was released.
Canada’s trade surplus fell to just C$79 million in March from C$847 million in February as exports dropped and imports rose, Statistics Canada said.
PMI data is due at 1000 ET
The index dropped on Monday as disappointing economic data from China and violence in Ukraine spurred declines in almost every major sector.
Dow Jones Industrial Average futures were up 0.02 percent at 0850 ET while, S&P 500 futures were down 0.15 percent and Nasdaq 100 futures were down 0.15 percent. The U.S. trade deficit also narrowed in March as exports rebounded.
BCE Inc, Canada’s largest telecommunications company, reported a better-than-expected adjusted profit, helped by its acquisition of TV and radio content producer Astral Media and strong growth in its wireless business.
WestJet Airlines Ltd, Canada’s second-largest carrier, reported a better-than-expected quarterly profit due to a rise in traffic and ticket prices as well as expansion into new destinations.
COMMODITIES AT 0845 ET
Gold futures : $1,309.4; +0.03 pct
U.S. crude : $99.55; +0.08 pct
Brent crude : $107.81; +0.09 pct
LME 3-month copper : $6,692.4; -0.4 pct
ANALYST RESEARCH HIGHLIGHTS
Alaris Royalty : Raymond James raises rating to outperform from market perform
Canfor Corp : CIBC raises rating to sector outperformer from sector performer
Parkland Fuel : RBC raises target price to C$22 from C$21; rating sector perform
Partners REIT : CIBC raises rating to sector outperformer from sector underperformer
U.S. ECONOMIC DATA DUE ON TUESDAY
0830 International Trade mm for March: Actual -$40.38 bln prior -$42.3 bln
0855 Redbook mm: Prior -0.3 pct
0855 Redbook yy: Prior +3.8 pct
1000 IBD Economic Optimism for May: Prior +48
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= $1.10 Canadian Reporting by Mononshila Deka in Banagalore; Editing by Ted Kerr
Our Standards: The Thomson Reuters Trust Principles.