CANADA STOCKS-TSX poised to open lower after high inflation data

Fri Jun 20, 2014 8:48am EDT

(Updates Canadian economic data)

June 20 (Reuters) - Canadian stocks looked set to open lower on the last trading day of the week after data showed costlier energy unexpectedly pushed the country's annual inflation rate to a 27-month high.

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

Annual inflation rate rose to 2.3 percent in May from 2.0 percent in April, while a rise in core inflation also defied the Bank of Canada's low-inflation forecasts.

Retail sales beat expectations in April, rising 1.1 percent from March in the strongest gain in 11 months to an all-time record C$41.62 billion, according to Statistics Canada data.

The index notched its highest ever close on Thursday as gains in BlackBerry, following its quarterly results, and in gold mining shares helped overcome weakness in the broader market.

Dow Jones Industrial Average e-mini futures were up 0.11 percent at 0845 ET, while S&P 500 e-mini futures were up 0.15 percent. Nasdaq 100 e-mini futures were up 0.12 percent.

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

TOP STORIES

African Barrick Gold Plc, the Tanzania-focused subsidiary of Barrick Gold Corp, on Thursday dismissed accusations of illegal payments made to Tanzanian officials, where it operates the North Mara mine.

The Canadian government plans to cap the number of low-wage temporary foreign workers that employers can bring to Canada as part of sweeping policy reforms that will be announced later on Friday, according to reports.

COMMODITIES AT 0845 ET

Gold futures : $1,310.3; -0.26 pct

US crude : $107.03; +0.56 pct

Brent crude : $114.79; -0.23 pct

LME 3-month copper : $6,771.50; +0.69 pct

ANALYST RESEARCH HIGHLIGHTS

BlackBerry : CIBC, Nomura, Raymond James raises target price

Boyd Group Income Fund : National Bank Financial ups target to C$50 from C$44

Dream Unlimited, Morguard Corp : CIBC starts coverage with sector outperformer

U.S. ECONOMIC DATA DUE ON FRIDAY

1030 ECRI weekly index: Prior +135.8

1030 ECRI weekly annualized: Prior +4.5 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= $1.08 Canadian) (Reporting by Mononshila Deka in Bangalore; Editing by Saumyadeb Chakrabarty)

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