July 30, 2014 / 1:03 PM / 3 years ago

CANADA STOCKS-TSX set to open higher after strong US growth data

(Adds U.S. and Canadian economic data)

July 30 (Reuters) - Canadian stocks looked set to open higher on Wednesday after data showed U.S. economic growth in the second quarter was stronger than expected.

September futures on the S&P TSX index <0#SXF:> were up 0.39 percent at 0845 ET.

U.S. economic growth accelerated more than expected in the second quarter and the decline in output in the prior period was less steep than previously reported.

Hiring by U.S. companies, however, came in below expectations, according to a report by a payrolls processor.

Industrial product prices in Canada slipped by 0.1 percent in June from May as prices for motorized and recreational vehicles were lower due to a stronger Canadian dollar, Statistics Canada said.

The TSX index ended little changed on Tuesday as concerns about geopolitical tensions offset gains in Talisman Energy Inc and WestJet Airlines Ltd after the companies reported results.

Dow Jones Industrial Average e-mini futures were up 0.43 percent at 0845 ET, while S&P 500 e-mini futures were up 0.48 percent. Nasdaq 100 e-mini futures were up 0.63 percent.

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

TOP STORIES

News and information company Thomson Reuters Corp reported a higher-than-expected quarterly profit on a 1 percent rise in revenue on growth in its Legal and Tax & Accounting divisions.

Independent oil producer Cenovus Energy Inc said its second-quarter profit more than tripled, helped by increased production at its Christina Lake oil sands project in northern Alberta.

MEG Energy Corp, a fast-growing player in Canada’s oil sands, reported a second-quarter profit, compared with a year-earlier loss, and raised its annual production forecast.

Canada’s Torstar Corp reported a 7 percent fall in revenue at its media business, which publishes the country’s largest daily newspaper, the Toronto Star.

COMMODITIES AT 0845 ET

Gold futures : $1,295.0; -0.31 pct

US crude : $101.50; +0.52 pct

Brent crude : $107.67; -0.05 pct

LME 3-month copper : $7,136.50; +0.77 pct

ANALYST RESEARCH HIGHLIGHTS

George Weston : Barclays raises price target to C$89 from C$86; rating “equal weight”

Westjet Airlines : CIBC, Canaccord Genuity raise price target on stock

Toromont Industries : Canaccord, Salman Partners raise target

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0815 ADP national employment for July: Actual +218,000, prior +281,000

0830 GDP advance for Q2: Actual +4.0 pct, prior -2.9 pct

0830 GDP sales advance for Q2: Actual +2.3 pct, prior -1.3 pct

0830 GDP consumer spending advance for Q2: Actual +2.5 pct, Prior +1.0 pct

0830 GDP deflator advance for Q2: Actual +2.0 pct, prior +1.3 pct

0830 Core PCE prices advance for Q2: Actual +2.0 pct, prior +1.2 pct

0830 PCE prices advance for Q2: Actual +2.3 pct, prior +1.4 pct

1400 Fed funds target rate

1400 QE total: Prior +35 bln

1400 QE MBS: Prior +15 bln

1400 QE treasuries: Prior +20 bln

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= $1.09 Canadian Reporting by Mononshila Deka in Bangalore; Editing by Saumyadeb Chakrabarty

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