CANADA STOCKS-TSX set to open higher after strong GDP data

Fri Aug 29, 2014 8:52am EDT

(Updates Canada and U.S. economic data)

Aug 29 (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Friday with the country's economy recording better-than-expected growth.

Persistent consumer spending helped push up Canadian economic growth to an annualized 3.1 percent in the second quarter, from a downwardly revised 0.9 percent in the first quarter, according to Statistics Canada data.

September futures on the S&P TSX index <0#SXF:> were up 0.70 percent at 0845 ET.

Canada's industrial prices and raw material prices fell in July from June, in both cases because of cheaper energy, according to Statistics Canada data.

The country's main stock index fell on Thursday as shares of Toronto Dominion Bank and Canadian Imperial Bank of Commerce weakened after the two lenders reported quarterly results.

Dow Jones Industrial Average e-mini futures were up 0.09 percent at 0845 on Friday, while S&P 500 e-mini futures were up 0.14 percent and Nasdaq 100 e-mini futures were up 0.18 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

The risk of a property market crash in Canada has not ebbed, according to an increasing number of analysts polled by Reuters who said chances of a steep fall in prices have increased in the past year.

Irving Oil's oil-by-rail terminal in Saint John, New Brunswick, has seen increasing air quality problems since it started up in 2012, undermining the company's assurances to regulators the project would likely not impact the environment, according to documents obtained by Reuters.

EU lawmakers are threatening to block a multi-billion dollar trade pact between Canada and the European Union, a blueprint for a much bigger EU-U.S. deal, because it would allow firms to sue governments if they breach the treaty.

COMMODITIES AT 0845 ET

Gold futures : $1,289.70; +0.08 percent

US crude : $95.05; +0.53 percent

Brent crude : $102.88; +0.41 percent

LME 3-month copper : $6,965.50; +0.45 percent

ANALYST RESEARCH HIGHLIGHTS

Altagas Ltd : NBF resumes coverage with "outperform" rating

Canadian Imperial Bank of Commerce : Canaccord Genuity raises price target to C$108 from C$105

Laurential Bank of Canada : CIBC cuts target to C$54 from C$55

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Personal consumption real mm for Jul: Actual -0.2 pct; Prior +0.2 pct

0830 Personal income mm for Jul: Actual +0.2 pct; Prior +0.4pct

0830 Consumption, adjusted mm for Jul: Actual -0.1 pct; Prior +0.4 pct

0830 Core PCE price index mm for Jul: Actual +0.1 pct; Prior +0.1 pct

0830 Core PCE price index yy for Jul: Actual +1.5; Prior +1.5 pct

0830 PCE price index mm for Jul: Actual +0.1 pct; Prior +0.2 pct

0830 PCE price index yy for Jul: Actual +1.6; Prior +1.6 pct

0945 Chicago PMI for Aug: Expected +56.0; Prior +52.6

0955 U Mich sentiment for Aug: Expected +80.1; Prior +79.2

0955 U Mich conditions for Aug: Expected +99.5; Prior +99.6

0955 U Mich expectations for Aug: Expected +67.0; Prior +66.2

1030 ECRI Weekly Index: Prior +134.3

1030 ECRI Weekly Annualized: Prior +2.8

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= C$1.10) (Reporting by Samarendra Sahoo in Bangalore; Editing by Savio D'Souza)

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