CORRECTED-UPDATE 1-CANADA STOCKS-TSX futures indicate higher open

Thu May 29, 2014 9:19am EDT

(Corrects paragraph 3 to say June futures were up 0.05 percent, not 0.30 percent)

May 29 (Reuters) - Canadian stocks were set to open slightly higher on Thursday as the country's current account deficit narrowed thanks to a stronger performance by exporters.

The current account deficit fell to C$12.39 billion in the first quarter of 2014, Statistics Canada said.

June futures on the S&P TSX index <0#SXF:> were up 0.05 percent at 0845 ET.

Canada's main stock index dropped on Wednesday due to weakness in Valeant Pharmaceuticals after the drugmaker raised its takeover offer for Allergan Inc and also because of a slide in shares of gold miners as the bullion price fell.

Dow Jones Industrial Average futures were up 0.1 percent at 0845 ET, while S&P 500 futures rose 0.08 percent. Nasdaq 100 futures were up 0.05 percent.

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

TOP STORIES

Canadian Imperial Bank of Commerce said its second-quarter profit fell by nearly two-thirds, hurt by C$543 million in charges related to its Caribbean banking unit.

The Bank of Nova Scotia said on Wednesday that it planned to sell the majority of its 37 percent stake in asset manager CI Financial via a secondary offering that could raise as much as C$2.62 billion.

COMMODITIES AT 0845 ET

Gold futures : $1,252.5; -0.56 pct

US crude : $102.83; +0.11 pct

Brent crude : $110.35; +0.49 pct

LME 3-month copper : $6,887.50; -0.81 pct

ANALYST RESEARCH HIGHLIGHTS

Bank of Montreal : Canaccord Genuity, CIBC, National Bank Financial raise price target

Rubicon Minerals : Canaccord Genuity starts coverage with speculative buy rating

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Corporate profits prelim for Q1: Actual -13.7 pct, prior +2.0 pct

0830 GDP preliminary for Q1: Actual -1.0 pct, prior +0.1 pct

0830 GDP sales preliminary for Q1: Actual +0.6 pct, prior +0.7 pct

0830 GDP consumer spending prelim for Q1: Actual +3.1 pct Prior +3.0 pct

0830 GDP deflator preliminary for Q1: Actual +1.3 pct, prior +1.3 pct

0830 Core PCE prices prelim for Q1: Actual +1.2 pct, prior +1.3 pct

0830 PCE prices preliminary for Q1: Actual +1.4 pct, prior +1.4 pct

0830 Initial jobless claims: Actual +300,000, prior +326,000

0830 Jobless claims 4-week average: Actual +311,500 Prior +322,500

0830 Continued jobless claims: Actual +2.631 mln, prior +2.653 mln

1000 Pending homes index for April: Prior +97.4

1000 Pending sales change mm for April: Expected +1.0 pct, prior +3.4 pct

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 Kirti Pandey and Saumyadeb Chakrabarty)

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