CANADA STOCKS-TSX futures hint at lower start for Canadian stocks

June 3 Tue Jun 3, 2014 7:31am EDT

June 3 (Reuters) - Canadian stocks looked set to open lower on Tuesday, with June futures on the S&P TSX index <0#SXF:> down 0.25 percent at 0730 ET.

The index climbed on Monday, helped by bullish Chinese economic data, while Valeant Pharmaceuticals rose as it prepared to go hostile with its takeover bid for Allergan Inc .

Dow Jones Industrial Average futures were down 0.01 percent at 0715 ET, while S&P 500 futures were down 0.23 percent and Nasdaq 100 futures were down 0.17 percent.

No major Canadian economic data is due for release.

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

TOP STORIES

Element Financial Corp has agreed to buy PHH Corp's auto fleet leasing business for about $1.4 billion in cash, and will issue $1.1 billion in capital to pay for the deal, the two companies said on Monday.

Canada and the European Union are struggling to finalise a multibillion-dollar trade pact six months after political leaders said it was sealed, an embarrassment for Brussels as it seeks a far bigger deal with the United States.

COMMODITIES AT 0715 ET

Gold futures : $1,245.7; +0.16 pct

US crude : $102.39; -0.08 pct

Brent crude : $108.51; -0.29 pct

LME 3-month copper : $6,861.75; -1.02 pct

ANALYST RESEARCH HIGHLIGHTS

Enerflex Ltd : CIBC raises price target to C$23 from C$21; rating sector performer

Calfrac Well Services : CIBC cuts target to C$22.50 from C$45; sector outperformer

Nordion Inc : CIBC raises target to C$14.25 from C$13.50; sector underperformer

U.S. ECONOMIC DATA DUE ON TUESDAY

0855 Redbook mm: Prior +0.7 pct

0855 Redbook yy: Prior +3.2 pct

0945 ISM-New York index for May: Prior +627.4

1000 Durables Ex-Def, R mm for April: Prior -0.8 pct

1000 Durable goods, R mm for April: Prior +0.8 pct

1000 Factory orders mm for April: Expected +0.5 pct, prior +0.9 pct

1000 Durables ex-transport R mm for April: Prior +0.1 pct

1000 Nondef cap ex-air R mm for April: Prior -1.2 pct

1000 Factory ex-transport mm for April: Prior +0.4 pct

1000 IBD economic optimism for June: Prior +45.8

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 Ted Kerr)