CANADA STOCKS-TSX futures indicate higher start after China factory data

Thu May 22, 2014 7:22am EDT

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May 22 (Reuters) - Canadian stocks looked set to open higher on Thursday, helped by Chinese factory data and minutes from the recent Federal Reserve meeting that suggested the U.S. Central Bank will maintain some monetary support for the world's largest economy.

China's factory sector turned in its best performance this year in May but still contracted for the fifth straight month.

June futures on the S&P TSX index <0#SXF:> were up 0.12 percent at 0715 ET.

Canadian retail sales data is due at 0830 ET.

The index climbed on Wednesday after the comments in the Fed minutes helped drive gains in all major sectors.

Dow Jones Industrial Average futures were up 0.13 percent at 0715 ET, while S&P 500 futures were up 0.04 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

Royal Bank of Canada reported a 15 percent rise in quarterly profit, driven by strong domestic lending volumes and capital markets revenue.

Toronto-Dominion Bank said its quarterly profit rose 16 percent on the back of strong Canadian and U.S. retail lending.

COMMODITIES AT 0715 ET

Gold futures : $1,294.2; +0.48 pct

US crude : $103.96; -0.11 pct

Brent crude : $110.41; -0.13 pct

LME 3-month copper : $6,888.00; +0.83 pct

ANALYST RESEARCH HIGHLIGHTS

Altus Group : Canaccord Genuity raises target price to C$24 from C$23; rating buy

Canaccord Genuity : CIBC raises target to C$10.50 from C$9; sector outperformer

Mosaic Capital : Canaccord Genuity raises target price to C$14.25 from C$12.25

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Initial jobless claims: Expected +310,000 prior +297,000

0830 Jobless claims 4-Week average: Prior +323,250

0830 Continued jobless claims: Expected +2.660 mln prior +2.667 mln

0830 National activity index for April: Prior +0.20

0945 Markit manufacturing PMI flash for May: Expected +55.5 prior +55.4

1000 Existing home sales for April: Expected +4.68 mln prior +4.59 mln

1000 Existing home sales pct Change for April: Expected +2.2 pct prior -0.2 pct

1000 Leading index Chg mm for April: Expected +0.3 pct prior +0.8 pct

1100 KC fed manufacturing for May: Prior +12

1100 KC fed composite index for May: Prior +7

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)

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