CANADA STOCKS-TSX seen opening slightly higher as long weekend looms

Thu Apr 17, 2014 9:12am EDT

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(Updates after inflation data)

April 17 (Reuters) - Canadian stock index futures were little changed after data showed Canada's annual inflation rate rose more than expected in March as traders get set for a long weekend.

The market is closed on Friday for the Good Friday holiday.

June futures on the S&P TSX index <0#SXF:> were up 0.05 percent at 0900 ET after being down marginally before the data.

The S&P TSX index recorded its biggest single-day jump in more than two months on Wednesday, driven higher by supportive comments on U.S. employment by Federal Reserve Chair Janet Yellen and bullish economic data from China.

Dow Jones Industrial Average futures were up 0.09 percent at 0900 ET, while S&P 500 futures were up 0.14 percent and Nasdaq 100 futures were up 0.06 percent.

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

TOP STORIES

Canada's annual inflation rate rose to 1.5 percent in March from 1.1 percent in February, with higher energy prices accounting for most of the change. But the less volatile core measure that guides the Bank of Canada edged up to only 1.3 percent from 1.2 percent.

Bank of Canada chief Stephen Poloz said on Wednesday that an interest rate cut was still a possibility even though the bank forecasts inflation will pick up speed this year and approach its 2 percent target.

Canada's economy will grow only modestly over the next two years and underperform the United States as high household debt levels and a cooling housing market restrain consumer spending, a Reuters poll showed.

COMMODITIES AT 0900 ET

Gold futures : $1,300.5; -0.2 percent

US crude : $103.95; +0.17 percent

Brent crude : $109.47; -0.12 percent

LME 3-month copper : $6,635; +0.24 percent

ANALYST RESEARCH HIGHLIGHTS

Barrick Gold Corp <ABX.TO >: Canaccord Genuity cuts target price to C$20 from C$20.50

Kinross Gold Corp : Canaccord Genuity cuts target price to C$6.75 from C$7

Pan American Silver Corp : Canaccord Genuity cuts target price to C$17.75 from C$19

U.S. ECONOMIC DATA DUE ON WEDNESDAY

1000 Philly Fed Business Idx for Apr: Expected +10 Prior +9

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 Nikhil Kumar in Banagalore; Editing by Ted Kerr)

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