July 31 (Reuters) - Canadian stocks looked set to open lower on Thursday as investors awaited the country’s GDP data for May.
September futures on the S&P TSX index <0#SXF:> were down 0.18 percent at 0715 ET.
GDP numbers are due at 0830 ET. The economy is expected to grow by 0.3 percent in May, after it came in lower than expected at 0.1 percent in April.
The TSX index closed at a record high on Wednesday, boosted by positive U.S. economic data and the Federal Reserve’s commentary on the outlook for monetary policy.
Dow Jones Industrial Average e-mini futures were down 0.49 percent at 0715 ET, while S&P 500 e-mini futures were down 0.56 percent. Nasdaq 100 e-mini futures were down 0.60 percent.
Canada’s Valeant Pharmaceuticals International Inc, which is trying to take over Botox-maker Allergan Inc, said net income rose nearly 12-fold, boosted by strong sales at its Bausch & Lomb lens business.
China’s foreign ministry accused Canada of making irresponsible accusations lacking any credible evidence after Canada singled out Chinese hackers for attacking a key computer network and lodged a protest with Beijing.
Bombardier Inc reported a slightly higher-than-expected second-quarter profit, boosted by higher sales of planes and trains.
The German government will not raise any objections to BlackBerry’s planned acquisition of Secusmart, whose encryption technology protects the devices of government officials including Angela Merkel, the head of the company said.
COMMODITIES AT 0715 ET
Gold futures : $1,295.5; 0.0 pct
US crude : $99.58; -0.69 pct
Brent crude : $106.25; -0.24 pct
LME 3-month copper : $7,120.00; -0.07 pct
ANALYST RESEARCH HIGHLIGHTS
First Quantum Minerals : RBC cuts to “sector perform” from “outperform”
Trican Well Service : CIBC raises to “sector performer” from “sector underperformer”
Genworth MI Canada : Canaccord Genuity raises target to C$42 from C$40.50; rating “hold”
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Initial jobless claims: Expected +301,000, prior +284,000
0830 Jobless claims 4-week average: Prior +302,000
0830 continued jobless claims: Expected +2.495 mln, prior +2.500 mln
0830 Employment wages qq for Q2: Prior +0.3 pct
0830 Employment benefits qq for Q2: Prior +0.4 pct
0830 Employment costs for Q2: Expected +0.5 pct, prior +0.3 pct
0945 Chicago PMI for July: Expected +63.0, prior +62.6
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$1= $1.09 Canadian Reporting by Mononshila Deka in Bangalore
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