May 31, 2016 / 11:37 AM / a year ago

CANADA STOCKS-Futures slightly higher ahead of GDP data

May 31 (Reuters) - Canada stock futures inched higher on Tuesday ahead of data that is expected to show economic growth likely picked in the first quarter after a weak fourth quarter.

Canada’s gross domestic product is expected to have picked up to a 2.9 percent annualized rate in the first quarter. The data is due at 08:30 a.m. ET.

June futures on the S&P TSX index were up 0.07 percent at 7:15 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 0.12 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.05 percent and Nasdaq 100 e-mini futures were up 0.10 percent.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

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 7:15 a.m. ET

Gold futures : $1,212.60; -0.21 pct

US crude : $49.49; +0.34 pct

Brent crude : $49.51; -0.50 pct

LME 3-month copper : $4,661.00; -0.72 pct

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 DUE ON TUESDAY

0830 Personal consumption real mm for Apr: Prior 0.0 pct

0830 Personal income mm for Apr: Expected 0.4 pct; Prior 0.4 pct

0830 Consumption, adjusted mm for Apr: Expected 0.7 pct; Prior 0.1 pct

0830 Core PCE Price Index mm for Apr: Expected 0.2 pct; Prior 0.1 pct

0830 Core PCE Price Index yy for Apr: Prior 1.6 pct

0830 PCE Price Index mm for Apr: Prior 0.1 pct

0900 PCE Price Index yy for Apr: Prior 0.8 pct

0900 Case-Shiller 20 mm SA for Mar: Expected 0.8 pct; Prior 0.7 pct

0900 Case-Shiller 20 mm NSA for Mar: Expected 0.5 pct; Prior 0.2 pct

0900 Case-Shiller 20 yy for Mar: Expected 5.2 pct; Prior 5.4 pct

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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