(Corrects day of the week to Tuesday from Friday in paragraph 1)
Mar 3 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Tuesday after stronger-than-expected GDP data for the fourth quarter suggested the Bank of Canada would be less inclined to cut interest rates at its meeting on Wednesday.
March futures on the S&P TSX index were down 0.17 percent at 8:30 a.m. ET.
The Canadian economy grew at an annualized rate of 2.4 percent in the fourth quarter of 2014, following a revised third quarter growth rate of 3.2 percent.
Canada’s main stock index rose on Monday as a jump in Valeant Pharmaceuticals International Inc helped to offset weakness in the energy sector after a drop in the Brent price.
The Canadian market has been choppy in recent months as the price of oil fluctuates.
Dow Jones Industrial Average e-mini futures were down 0.17 percent at 8:30 a.m. ET, while S&P 500 e-mini futures were down 0.15 percent and Nasdaq 100 e-mini futures were down 0.22 percent.
Bank of Nova Scotia, Canada’s No. 3 lender, reported a lower-than-expected quarterly profit, hurt by higher provisions and a “softer” performance in its investment banking business.
BlackBerry unveiled a new mid-market smartphone dubbed the BlackBerry Leap that is set to replace the Z3 device launched a year ago, in a move to woo buyers in certain emerging markets where BlackBerry still has a fairly large client base.
Silver Wheaton Corp said on Monday it would pay $900 million for the right to buy an additional 25 percent of future gold production from Vale SA’s Salobo mine in Brazil, boosting its 2015 gold output to 230,000 ounces.
COMMODITIES AT 8:30 a.m. ET
Gold futures : $1,207.40; -0.02 pct
US crude : $49.95; +0.77 pct
Brent crude : $60.75; +2.03 pct
LME 3-month copper : $5,829.10; -1.03 pct
ANALYST RESEARCH HIGHLIGHTS
Constellation Software Inc : CIBC cuts rating to “sector underperformer” from “sector performer”
Major Drilling Group : CIBC cuts rating to “sector performer” from “sector outperformer”
Mitel Networks Corp : CIBC raises target price to $15 from $12.50
U.S. ECONOMIC DATA DUE ON TUESDAY
0855 Redbook mm: Prior +0.8 pct
0855 Redbook yy: Prior +2.8 pct
0945 ISM-New York Index for Feb: Prior +671.1
1330 Domestic car sales for Feb: Expected +5.50 mln; Prior +5.47 mln
1330 Domestic truck sales for Feb: Expected +8.00 mln; Prior +8.07 mln
1330 Total vehicle sales for Feb: Expected +16.70 mln; Prior +16.66 mln
1330 All Truck Sales for Feb: Prior +9.11 mln
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$1.25 Reporting by Nandi Kaul in Bengaluru
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