CANADA STOCKS-TSX may open higher as China data reassures investors

April 16 Wed Apr 16, 2014 7:22am EDT

April 16 (Reuters) - Canadian stocks were set for a higher open on Wednesday as better-than-expected economic growth in China reassured investors.

June futures on Canada's main index, the S&P TSX index <0#SXF:>, were up 0.32 percent at 0715 ET.

Data on foreign securities bought by Canadians and BoC rate decision is due at 0830 ET and 1000 ET respectively.

The index edged higher on Tuesday after upbeat U.S. economic data and corporate results helped offset worries about increasing instability in Ukraine and a sharp decline in gold-mining shares.

Dow Jones Industrial Average futures were up 0.34 percent, S&P 500 futures were up 0.41 percent and Nasdaq 100 futures were up 0.54 percent at 0715 ET. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

Canadian police on Tuesday dropped an investigation into Prime Minister Stephen Harper's former chief of staff whom they suspected of corruption in connection with a Senate expenses scandal that hurt the Conservative government's popularity.

Bank of Nova Scotia sees Mexico as its most promising growth territory and is not deterred by a money-laundering scandal there involving Citigroup's Banamex unit, Scotiabank's head of international banking said on Tuesday.

Canadian power company TransAlta Corp said on Tuesday it has been selected as the preferred bidder to build a A$550 million ($510 million) natural-gas fired generating station in South Hedland, Western Australia.

COMMODITIES AT 0715 ET

Gold futures : $1,303.0; +0.23 pct

US crude : $104.78; +0.98 pct

Brent crude : $110.05; +0.59 pct

LME 3-month copper : $6,586.50; +0.7 pct

ANALYST RESEARCH HIGHLIGHTS

New Gold Inc : Canaccord Genuity raises to buy

Primary Energy Recycling : Jacob Securities raises to buy

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 Housing Starts Number mm Mar: Expected +0.973 mln prior +0.907 mln

0830 Building Permits Number Mar: Expected +1.008 mln prior +1.014 mln

0915 Industrial Output mm Mar: Expected +0.5 pct prior +0.6 pct

0915 Capacity Utilization mm Mar: Expected +78.7 pct prior +78.4 pct

0915 Manufacturing Output mm Mar: Expected +0.5 pct prior +0.9 pct

FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory

($1= $1.10 Canadian) (Reporting by Mononshila Deka in Banagalore; Editing by Saumyadeb Chakrabarty)

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