(Adds U.S. and Canadian economic data)
July 30 (Reuters) - Canadian stocks looked set to open higher on Wednesday after data showed U.S. economic growth in the second quarter was stronger than expected.
September futures on the S&P TSX index <0#SXF:> were up 0.39 percent at 0845 ET.
U.S. economic growth accelerated more than expected in the second quarter and the decline in output in the prior period was less steep than previously reported.
Hiring by U.S. companies, however, came in below expectations, according to a report by a payrolls processor.
Industrial product prices in Canada slipped by 0.1 percent in June from May as prices for motorized and recreational vehicles were lower due to a stronger Canadian dollar, Statistics Canada said.
The TSX index ended little changed on Tuesday as concerns about geopolitical tensions offset gains in Talisman Energy Inc and WestJet Airlines Ltd after the companies reported results.
Dow Jones Industrial Average e-mini futures were up 0.43 percent at 0845 ET, while S&P 500 e-mini futures were up 0.48 percent. Nasdaq 100 e-mini futures were up 0.63 percent.
News and information company Thomson Reuters Corp reported a higher-than-expected quarterly profit on a 1 percent rise in revenue on growth in its Legal and Tax & Accounting divisions.
Independent oil producer Cenovus Energy Inc said its second-quarter profit more than tripled, helped by increased production at its Christina Lake oil sands project in northern Alberta.
MEG Energy Corp, a fast-growing player in Canada’s oil sands, reported a second-quarter profit, compared with a year-earlier loss, and raised its annual production forecast.
Canada’s Torstar Corp reported a 7 percent fall in revenue at its media business, which publishes the country’s largest daily newspaper, the Toronto Star.
COMMODITIES AT 0845 ET
Gold futures : $1,295.0; -0.31 pct
US crude : $101.50; +0.52 pct
Brent crude : $107.67; -0.05 pct
LME 3-month copper : $7,136.50; +0.77 pct
ANALYST RESEARCH HIGHLIGHTS
George Weston : Barclays raises price target to C$89 from C$86; rating “equal weight”
Westjet Airlines : CIBC, Canaccord Genuity raise price target on stock
Toromont Industries : Canaccord, Salman Partners raise target
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0815 ADP national employment for July: Actual +218,000, prior +281,000
0830 GDP advance for Q2: Actual +4.0 pct, prior -2.9 pct
0830 GDP sales advance for Q2: Actual +2.3 pct, prior -1.3 pct
0830 GDP consumer spending advance for Q2: Actual +2.5 pct, Prior +1.0 pct
0830 GDP deflator advance for Q2: Actual +2.0 pct, prior +1.3 pct
0830 Core PCE prices advance for Q2: Actual +2.0 pct, prior +1.2 pct
0830 PCE prices advance for Q2: Actual +2.3 pct, prior +1.4 pct
1400 Fed funds target rate
1400 QE total: Prior +35 bln
1400 QE MBS: Prior +15 bln
1400 QE treasuries: Prior +20 bln
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= $1.09 Canadian Reporting by Mononshila Deka in Bangalore; Editing by Saumyadeb Chakrabarty
Our Standards: The Thomson Reuters Trust Principles.