May 31 (Reuters) - Stock futures pointed to a flat opening for Canada’s main stock index on Wednesday as investors awaited a report on gross domestic product (GDP) to gauge the health of the economy.
The first-quarter GDP data is expected to show an annualized growth rate of 3.9 percent, up from 2.6 percent in the previous quarter. The report is due at 8:30 a.m. ET.
June futures on the S&P TSX index were up 0.08 percent at 7:15 a.m. ET.
Canada’s main stock index fell on Tuesday amid broad declines among oil and gas companies, hurt in part by a slide in crude oil prices and political tension in Western Canada over a Kinder Morgan pipeline project.
Dow Jones Industrial Average e-mini futures were up 0.10 percent at 7:15 a.m. ET. S&P 500 e-mini futures were up 0.12 percent and Nasdaq 100 e-mini futures were up 0.27 percent.
Messy political infighting over a pipeline threatens to divide Canada’s left just as it gears up to name a new leader to face Prime Minister Justin Trudeau, jeopardizing the New Democrats’ chances of gaining power-broker status in the 2019 election.
The struggles of Canadian lender Home Capital Group are pushing more borrowers towards less regulated mortgage providers, raising the risks for them and the wider property market.
The operator of Canada’s air-traffic control services said on Tuesday it would refund C$60 million ($44.6 million) to airlines because of a higher-than-expected number of flights, in a first for the privately held, not-for-profit corporation.
ANALYST RESEARCH HIGHLIGHTS
Bank of Nova Scotia: Barclays raises price target to C$86 from C$84; “overweight”
Redknee Solutions Inc: CIBC cuts to “neutral” from “outperformer”
Step Energy Services: National Bank of Canada starts with an “outperform” rating
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,265; +0.09 pct
US crude: $48.57; -2.22 pct
Brent crude: $50.53; -2.53 pct
LME 3-month copper: $5,647.00; -0.16 pct
U.S. ECONOMIC DATA DUE ON WEDNESDAY
09:45 Chicago PMI for May: Expected 57.0; Prior 58.3
10:00 Pending Homes Index for April: Prior 111.4
10:00 Pending sales change mm for April: Expected 0.5 pct; Prior -0.8 pct
10:30 Texas Service Sector Outlook Survey for May: Prior 9.0
10:30 Dallas Fed Services Revenue for May: Prior 12.1
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Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.34) (Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Anil D’Silva)
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