July 31, 2017 / 11:31 AM / 2 months ago

CANADA STOCKS-Higher commodity prices lift TSX futures

July 31 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Monday as upbeat manufacturing data from China and weakness in the U.S. dollar supported commodity prices.

While growth in China’s manufacturing sector cooled slightly in July as foreign demand for Chinese goods slackened, a government-led drive to develop infrastructure boosted growth in the construction sector.

September futures on the S&P TSX index were up 0.26 percent at 7:15 a.m. ET.

Canada’s annual producer prices for June is due at 8:30 a.m. ET.

Canada’s main stock index fell on Friday, weighed by slips in financial, energy and consumer-related names despite strong domestic data and higher oil prices.

Dow Jones Industrial Average e-mini futures were up 0.21 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.11 percent and Nasdaq 100 e-mini futures were up 0.23 percent.

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TOP STORIES

Canadian rig contractor Precision Drilling Corp reported a smaller-than-expected quarterly loss, helped by higher oil prices that drove strong demand from North America and the Middle East.

ANALYST RESEARCH HIGHLIGHTS

Macdonald Dettwiler and Associates Ltd: Canaccord Genuity raises target price to C$80 from C$70

George Weston Ltd: CIBC cuts price target to C$123 from C$126

Norbord Inc: Credit Suisse raises target price to C$50 from C$42

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1266.9; -0.12 percent

US crude: $49.63; -0.16 percent

Brent crude: $52.5; -0.04 percent

LME 3-month copper: $6389.5; +1.02 percent

U.S. ECONOMIC DATA DUE ON MONDAY

0945 Chicago PMI for July: Expected 61; Prior 65.7

1000 Pending Homes Index for June: Prior 108.5

1000 Pending sales change mm for June: Expected 1 pct; Prior -0.8 pct

1030 Dallas Fed Manufacturing Business Index for July: Prior 15.00

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 Nikhil Kumar in Bengaluru; Editing by Saumyadeb Chakrabarty)

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