May 20 (Reuters) - Canada's main stock index was set to open higher on Friday ahead of inflation and retail sales data.
The annual inflation rate is expected to have risen to 1.7 percent in April, bringing it closer to the Bank of Canada's 2 percent target. Core inflation, which strips out some volatile items, is expected to be more robust at 2.0 percent.
Canada retail sales for March are estimated to have dropped by 0.6 percent after rising for the past two months in a row.
Inflation and retail sales data are due at 8:30 a.m. ET .
June futures on the S&P TSX index were up 0.36 percent at 7:30 a.m. ET.
The Toronto Stock Exchange's S&P/TSX composite index pared losses after hitting a one-week low earlier on Thursday as the materials group rose more than 2 percent, offsetting declines in the financial and industrial stocks.
Dow Jones Industrial Average e-mini futures were up 0.22 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were up 0.20 percent and Nasdaq 100 e-mini futures were up 0.31 percent.
Canadian Prime Minister Justin Trudeau will urge fellow leaders at a Group of Seven summit next week to invest in their economies to boost growth rather than focus on cutting costs.
Beleaguered Canadian drugmaker Valeant Pharmaceuticals International Inc said it received a notice of default from bondholders for the delay in filing its first-quarter report.
COMMODITIES AT 7:30 a.m. ET
Gold futures : $1,256.60; +0.14 pct
US crude : $48.08; -0.17 pct
Brent crude : $48.62; -0.39 pct
LME 3-month copper : $4,620.00; +0.87 pct
CAE Inc : CIBC raises target price to C$18 from C$17.50
Dragonwave Inc : CIBC cuts target price to C$25 from C$30
Paramount Resources Ltd : RBC raises target price to C$10 from C$9; rating "sector perform"
1000 Existing home sales for Apr: Expected 5.40 mln; Prior 5.33 mln
1000 Existing home sales percentage change for Apr: Expected 1.3 pct; Prior 5.1 pct
1030 ECRI weekly index: Prior 135.0
1030 ECRI weekly annualized: Prior 5.7 pct
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.31) (Reporting by Nikhil Kumar in Bengaluru; Editing by Maju Samuel)