CANADA STOCKS-TSX poised to open lower ahead of U.S. jobs report

Fri Aug 1, 2014 7:31am EDT

Aug 1 (Reuters) - Canadian stocks looked set to open lower on the last trading day of the week, as investors remained on the sidelines ahead of the key U.S. jobs report.

September futures on the S&P TSX index <0#SXF:> were down 0.25 percent at 0715 ET.

August data for manufacturing PMI is due at 0930 ET.

The TSX index tumbled on Thursday after a default by Argentina stoked worries about other emerging-market economies, while shares of Valeant Pharmaceuticals International dropped sharply after the drugmaker cut its forecast.

Dow Jones Industrial Average e-mini futures were down 0.59 percent at 0715 ET, while S&P 500 e-mini futures were down 0.60 percent. Nasdaq 100 e-mini futures were down 0.68 percent.

U.S. job growth likely cooled a bit in July, but retained enough momentum to suggest the economy remained on solid ground.

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

TOP STORIES

Pipeline company Enbridge Inc reported a better-than-expected profit in the second quarter, driven mainly by higher shipment volumes on the Canadian Mainline system.

Canadian Oil Sands Ltd said on Thursday that its second-quarter profit fell by one-fifth on lower production and higher government payments.

Canada's three biggest telecom firms, BCE Inc, Rogers Communications Inc and Telus Corp, keen to keep shareholders happy with fat dividends, are breaking into businesses ranging from banking to healthcare to drive growth as they run out of expansion options and shy away from overseas purchases.

COMMODITIES AT 0715 ET

Gold futures : $1,284.7; +0.23 pct

US crude : $97.39; -0.79 pct

Brent crude : $105.61; -0.39 pct

LME 3-month copper : $7,071.00; -0.62 pct

ANALYST RESEARCH HIGHLIGHTS

Alamos Gold : BMO, Cowen and Company cut target price

Bombardier Inc : Raymond James raises to "outperform" from "market perform"

TransCanada Corp : RBC raises target price to C$61 from C$57; rating "outperform"

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Personal consumption real mm for June: Prior -0.1 pct

0830 Personal income mm for June: Expected +0.4 pct, prior +0.4 pct

0830 Consumption, adjusted mm for June: Expected +0.4 pct, prior 0.2 pct

0830 Core PCE price index yy for June: Prior +1.5 pct

0830 PCE price index mm for June: Prior +0.2 pct

0830 Core PCE price index mm for June: Expected +0.1 pct, prior +0.2 pct

0830 PCE price index yy for June: Prior +1.8 pct

0830 Non-farm payrolls for July: Expected +233,000, prior +288,000

0830 Private payrolls for July: Expected +230,000, prior +262,000

0830 Manufacturing payrolls for July: Expected +15,000, prior +16,000

0830 Government payrolls for July: Prior +26,000

0830 Unemployment rate: Expected +6.1 pct, prior +6.1 pct

0830 Average earnings mm for July: Expected +0.2 pct, prior +0.2 pct

0830 Average workweek hours for July: Expected +34.5 hrs, prior +34.5 hrs

0945 Markit manufacturing PMI final for July: Prior +56.3

0955 U Mich sentiment final for July: Expected +82.0, prior +81.3

0955 U Mich conditions final for July: Expected +97.1, prior +97.1

0955 U Mich expectations final for July: Expected +71.5, prior +71.1

0955 U Mich 1Year inflation final for July: Prior +3.3 pct

0955 U Mich 5-Year inflation final for July: Prior +2.6 pct

1000 Construction spending mm for June: Expected +0.5 pct, prior +0.1 pct

1000 ISM manufacturing PMI for July: Expected +56.0, prior +55.3

1000 ISM manufacturing prices paid for July: Expected +59.0, prior +58.0

1000 ISM manufacturing employment index for July: Expected +53.0, prior +52.8

1000 ISM manufacturing new orders index for July: Prior +58.9

10:30 ECRI weekly index: Prior +135.8

1030 ECRI weekly annualized: Prior +4.2 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 Simon Jennings)

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