(Corrects paragraph 3 to say June futures were up 0.05 percent, not 0.30 percent)
May 29 (Reuters) - Canadian stocks were set to open slightly higher on Thursday as the country’s current account deficit narrowed thanks to a stronger performance by exporters.
The current account deficit fell to C$12.39 billion in the first quarter of 2014, Statistics Canada said.
June futures on the S&P TSX index <0#SXF:> were up 0.05 percent at 0845 ET.
Canada’s main stock index dropped on Wednesday due to weakness in Valeant Pharmaceuticals after the drugmaker raised its takeover offer for Allergan Inc and also because of a slide in shares of gold miners as the bullion price fell.
Dow Jones Industrial Average futures were up 0.1 percent at 0845 ET, while S&P 500 futures rose 0.08 percent. Nasdaq 100 futures were up 0.05 percent.
Canadian Imperial Bank of Commerce said its second-quarter profit fell by nearly two-thirds, hurt by C$543 million in charges related to its Caribbean banking unit.
The Bank of Nova Scotia said on Wednesday that it planned to sell the majority of its 37 percent stake in asset manager CI Financial via a secondary offering that could raise as much as C$2.62 billion.
COMMODITIES AT 0845 ET
Gold futures : $1,252.5; -0.56 pct
US crude : $102.83; +0.11 pct
Brent crude : $110.35; +0.49 pct
LME 3-month copper : $6,887.50; -0.81 pct
ANALYST RESEARCH HIGHLIGHTS
Bank of Montreal : Canaccord Genuity, CIBC, National Bank Financial raise price target
Rubicon Minerals : Canaccord Genuity starts coverage with speculative buy rating
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Corporate profits prelim for Q1: Actual -13.7 pct, prior +2.0 pct
0830 GDP preliminary for Q1: Actual -1.0 pct, prior +0.1 pct
0830 GDP sales preliminary for Q1: Actual +0.6 pct, prior +0.7 pct
0830 GDP consumer spending prelim for Q1: Actual +3.1 pct Prior +3.0 pct
0830 GDP deflator preliminary for Q1: Actual +1.3 pct, prior +1.3 pct
0830 Core PCE prices prelim for Q1: Actual +1.2 pct, prior +1.3 pct
0830 PCE prices preliminary for Q1: Actual +1.4 pct, prior +1.4 pct
0830 Initial jobless claims: Actual +300,000, prior +326,000
0830 Jobless claims 4-week average: Actual +311,500 Prior +322,500
0830 Continued jobless claims: Actual +2.631 mln, prior +2.653 mln
1000 Pending homes index for April: Prior +97.4
1000 Pending sales change mm for April: Expected +1.0 pct, prior +3.4 pct
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$1= $1.09 Canadian Reporting by Mononshila Deka in Bangalore; Editing by Kirti Pandey and Saumyadeb Chakrabarty
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