November 20, 2014 / 12:42 PM / in 3 years

CANADA STOCKS-Futures indicate lower start on weak global econ data

Nov 20 (Reuters) - Stock futures pointed to a lower start for Canada’s main stock index on Thursday as investors grew cautious after weak economic data from Europe and China raised concerns over global growth prospects.

The China flash HSBC/Markit manufacturing purchasing managers’ index showed factory output contracted in the world’s second biggest economy for the first time in six months.

The signs in Europe were just as gloomy as the private sector in its biggest economy, Germany, grew at the slowest rate in 16 months and in France, a slight pickup was overshadowed by the fastest drop in new business in over a year.

December futures on the S&P TSX index were down 0.29 percent at 7.30 a.m. ET.

Wholesale trade data is due at 8.30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index shrugged off the much-anticipated minutes of the latest U.S. Federal Reserve policy meeting and closed little changed on Wednesday despite a sharp drop in gold miners’ shares.

Dow Jones Industrial Average e-mini futures were down 0.4 percent at 7.30 a.m. ET, while S&P 500 e-mini futures were down 0.46 percent and Nasdaq 100 e-mini futures were down 0.47 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

BlueBay Asset Management said it planned to shut its $1.4 billion Macro Fund as fund manager Neil Philips was leaving.

Brookfield Asset Management Inc said on Wednesday that it was abandoning an earlier offer to buy the shuttered Revel Casino Hotel in Atlantic City, New Jersey.

As the U.S. economy continues to grow, Canadian companies that have been sitting on cash will start expanding and creating jobs, Finance Minister Joe Oliver said on Wednesday.

COMMODITIES AT 7.30 a.m. ET

Gold futures : $1,192.60; -0.12 pct

US crude : $74.74; +0.21 pct

Brent crude : $78.58; +0.61 pct

LME 3-month copper : $6,636; -0.73 pct

ANALYST RESEARCH HIGHLIGHTS

Enbridge Income Fund : CIBC raises target to C$32.75 from C$32; rating “sector performer”

Metro Inc : National Bank Financial raises target to C$92 from C$80; rating “outperform”

Pacific Rubiales Energy : Deutsche Bank starts with “sell” rating, C$10.60 price target

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 CPI mm, SA for Oct: Expected -0.1 pct; prior 0.1 pct

0830 Real weekly earnings mm for Oct: Expected 0.3 pct; prior 0.2 pct

0830 Initial jobless claims: Expected 285,000; Prior 290,000

0830 Continued jobless claims: Expected 2.370 mln; Prior 2.392 mln

0945 Markit Manufacturing PMI Flash for Nov: Expected 56.4; prior 55.9

1000 Existing home sales for Oct: Expected 5.16 mln; prior 5.17 mln

1000 Philly Fed Business Index for Nov: Expected 18.3; prior 20.7

1130 Cleveland Fed CPI for Oct: Prior 0.1 pct

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$1.13 Reporting by Nikhil Kumar in Bangalore; Editing by Kirti Pandey

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