July 31, 2018 / 12:58 PM / in 4 months

UPDATE 1-CANADA STOCKS-TSX futures higher after strong May GDP data

(Adds GDP numbers)

July 31 (Reuters) - Canada’s main stock index futures extended gains on Tuesday after the country’s economy recorded its biggest rise in a year in May.

Canada’s economy grew by 0.5 percent in May as industries recovered from a combination of bad weather and maintenance shutdowns in April, Statistics Canada said on Tuesday.

September futures on the S&P/TSX index were up 0.51 percent at 8:45 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX fell 48.48 points on Monday, or 0.30 percent, to 16,345.47.

Dow Jones Industrial Average e-mini futures were up 0.07 percent at 8:45 a.m. ET, while S&P 500 e-mini futures were up 0.25 percent and Nasdaq 100 e-mini futures were up 0.34 percent.

TOP STORIES

Canada’s WestJet Airlines Ltd reported a smaller-than-expected loss on Tuesday as it flew more passengers and improved a key revenue metric, offseting a steep rise in aviation fuel prices.

Shopify Inc, which helps companies build their online stores, reported a bigger quarterly loss on Tuesday as marketing and research costs surged.

Canadian base metal miner First Quantum Minerals Ltd said on Monday it had extended its hedging program for copper sales, as trade war worries push prices lower despite “excess demand” for its production.

ANALYST RESEARCH HIGHLIGHTS

Capital Power Corp: CIBC raises price target to C$29 from C$28

Lundin Mining Corp: CIBC raises rating to “outperformer” from “neutral”

Thomson Reuters Corp: Berenberg raises price target to C$45 from C$42

COMMODITIES AT 8:45 a.m. ET

Gold futures: $1218.1; -0.26 pct

U.S. crude: $69.71; -0.6 pct

Brent crude: $74.93; -0.05 pct

LME 3-month copper: $6227.5; -0.36 pct

U.S. ECONOMIC DATA DUE ON TUESDAY

0830 Personal consumption real mm for Jun: Actual 0.3 pct; Prior 0.0 pct

0830 Personal Income mm for Jun: Actual 0.4 pct; Prior 0.4 pct

0830 Consumption, adjusted mm for Jun: Actual 0.4 pct; Prior 0.2 pct

0830 Core PCE price index mm for Jun: Actual 0.1 pct; Prior 0.2 pct

0830 Core PCE price index yy for Jun: Actual 1.9 pct; Prior 2.0 pct

0830 PCE price index mm for Jun: Actual 0.1 pct; Prior 0.2 pct

0830 PCE price index yy for Jun: Actual 2.2 pct; Prior 2.3 pct

0830 Employment wages qq for Q2: Actual 0.5 pct; Prior 0.9 pct

0830 Employment benefits qq for Q2: Actual 0.9 pct; Prior 0.7 pct

0830 Employment costs for Q2: Actual 0.6 pct; Prior 0.8 pct

0900 CaseShiller 20 mm SA for May: Expected 0.2 pct; Prior 0.2 pct

0900 CaseShiller 20 mm NSA for May: Prior 0.8 pct

0900 CaseShiller 20 yy for May: Expected 6.5 pct; Prior 6.6 pct

0945 Chicago PMI for Jul: Expected 62.3; Prior 64.1

1000 Consumer Confidence for Jul: Expected 126; Prior 126.4

1030 Texas service sector outlook for Jul: Prior 22.4

1030 Dallas fed services revenues for Jul: Prior 19

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 Nandi Kaul in Bengaluru; Editing by Maju Samuel)

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