(Updates with GDP data)
May 31 (Reuters) - Canada stock futures inched higher on Tuesday after data showed that economic growth picked up in the first quarter.
While, gross domestic product grew at a slower-than-forecast 2.4 percent annualized rate in the quarter it marked a rebound from a downwardly revised 0.5 percent in the fourth quarter.
June futures on the S&P TSX index were up 0.18 percent at 8:45 a.m. ET.
Canada’s main stock index edged lower on Monday as energy stocks retreated ahead of a meeting of oil producers later in the week, while mining stocks and financials also fell in a low-volume session.
Dow Jones Industrial Average e-mini futures were up 0.16 percent at 8:45 a.m. ET, while S&P 500 e-mini futures were up 0.10 percent and Nasdaq 100 e-mini futures were up 0.14 percent.
Canada’s economy picked up slightly less than expected in the first quarter, growing at a 2.4 percent annualized pace as exports made gains, data from Statistics Canada showed.
Bank of Nova Scotia said provisions for bad loans increased by 40 percent in the second quarter, compared with the previous quarter, driven primarily by exposure to the energy sector.
An Australian mining veteran who made investors billions with a shrewd bet on coal in Mozambique is aiming for another big score with Canada’s Champion Iron , even as a global gush of new supply threatens to depress already slumping prices.
COMMODITIES AT 8:45 a.m. ET
Gold futures : $1,211.00; -0.35 pct
US crude : $49.54; +0.41 pct
Brent crude : $49.50; -0.52 pct
LME 3-month copper : $4,673.00; -0.47pct
ANALYST RESEARCH HIGHLIGHTS
Ensign Energy Services Inc : Raymond James raises rating to “market perform”
Toronto-Dominion Bank : KBW raises target price to C$56 from C$52
Western Energy Services Corp : Raymond James raises rating to “outperform”
U.S. ECONOMIC DATA RELEASED ON TUESDAY
0830 Personal consumption real mm for Apr: Actual +0.6%; Prior 0.0 pct
0830 Personal income mm for Apr: Actual +0.4 pct; Prior 0.4 pct
0830 Consumption, adjusted mm for Apr: Actual +1.0 pct; Revised 0.0 pct
0830 Core PCE Price Index mm for Apr: Actual +0.2 pct; Prior 0.1 pct
0830 Core PCE Price Index yy for Apr: Actual +1.6%; Prior 1.6 pct
0830 PCE Price Index mm for Apr: Actual 0.3% Prior 0.1 pct
0830 PCE Price Index yy for Apr: Actual +1.1%; Prior 0.8 pct
U.S. ECONOMIC DATA DUE ON TUESDAY
0945 Chicago PMI for May: Expected 50.9; Prior 50.4
1000 Consumer Confidence for May: Expected 96; Prior 94.2
1030 Dallas Fed Manufacturing Business Index for May: Prior -13.9
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$1.30) (Reporting by Nivedita Balu in Bengaluru; Editing by Savio D’Souza)
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