(Adds U.S. economic data)
Feb 26 (Reuters) - Canadian stock futures extended gains on Friday after data showed U.S. economic growth slowed less sharply than expected in the fourth quarter.
A recovery in crude oil prices from early losses also kept stock futures higher.
U.S. gross domestic product increased at a 1.0 percent annual rate in the quarter instead of the previously reported 0.7 percent pace, the U.S. Commerce Department said on Friday in its second GDP estimate.
March futures on the S&P TSX index were up 0.95 percent at 8:50 a.m. ET.
Canada’s main stock index notched a small gain on Thursday as two major banks rose after reporting quarterly numbers, while energy stocks weighed despite a late rally in crude prices.
Dow Jones Industrial Average e-mini futures were up 0.73 percent at 8:50 a.m. ET. S&P 500 e-mini futures were up 0.70 percent and Nasdaq 100 e-mini futures were up 0.85 percent.
Husky Energy Inc, Canada’s No. 3 integrated oil company, posted a smaller-than-expected quarterly loss as cost cuts help cushion the impact from slumping crude oil prices.
Auto parts maker Magna International Inc reported a rise in quarterly sales, excluding the impact of a strong U.S. dollar, helped by healthy demand in Europe and North America.
Goldcorp Inc, the world’s largest gold producer by market value, forecast 2016 gold production of 2.8 million-3.1 million ounces, lower than its 2015 output, and the company reduced its dividend.
COMMODITIES AT 8:50 a.m. ET
Gold futures : $1,230.00; -0.66 pct
US crude : $34.33; +3.78 pct
Brent crude : $36.78; +4.11 pct
LME 3-month copper : $4,665.50; +3.58 pct
ANALYST RESEARCH HIGHLIGHTS
Goldcorp Inc : Canaccord Genuity cuts target price to C$21.50 from C$23.50; rating “hold”
Loblaw Cos Ltd : RBC cuts target price to C$76 from C$78; rating “sector perform”
Stantec Inc : RBC cuts target price to C$34 from C$37
U.S. ECONOMIC DATA DUE ON FRIDAY
0830 Advanced goods trade balance for Jan: Actual -$62.23 bln; Prior -$61.50 bln
0830 GDP growth 2nd estimate for Q4: Actual 1.0 pct; Prior 0.7 pct
0830 GDP sales preliminary for Q4: Actual 1.2 pct; Prior 1.2 pct
0830 GDP Cons spending preliminary for Q4: Actual 2.0 pct; Prior 2.2 pct
0830 GDP deflator preliminary for Q4: Actual 1.0 pct; Prior 0.8 pct
0830 Core PCE prices preliminary for Q4: Actual 1.3 pct; Prior 1.2 pct
0830 PCE prices preliminary for Q4: Actual 0.4 pct; Prior 0.1 pct
1000 Personal consumption real mm for Jan: Prior 0.1 pct
1000 Personal income mm for Jan: Expected 0.4 pct; Prior 0.3 pct
1000 Consumption, adjusted mm for Jan: Expected 0.3 pct; Prior 0.0 pct
1000 Core PCE price index mm for Jan: Expected 0.2 pct; Prior 0.0 pct
1000 Core PCE price index yy for Jan: Prior 1.4 pct
1000 PCE price index mm for Jan: Prior -0.1 pct
1000 PCE price index yy for Jan: Prior 0.6 pct
1000 U Mich Sentiment Final for Feb: Expected 91.0; Prior 90.7
1000 U Mich Conditions Final for Feb: Expected 105.8; Prior 105.8
1000 U Mich Expectations Final for Feb: Expected 80.8; Prior 81.0
1000 U Mich 1 year inflation final for Feb: Prior 2.5 pct
1000 U Mich 5-year inflation final for Feb: Prior 2.4 pct
1030 ECRI Weekly Index: Prior 128.6
1030 ECRI Weekly Annualized: Prior -3.1 pct
1300 Dallas Fed PCE for Jan: Prior 0.9 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$1.35) (Reporting by Nikhil Kumar in Bengaluru; Editing by Saumyadeb Chakrabarty and Kirti Pandey)
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