(Updates after release of economic data)
May 8Canadian stocks looked set to open lower,
with June futures on the S&P TSX index <0#SXF:> down 0.26
percent at 0920 ET even after better-than-expected Canadian and
U.S. economic data.
The index advanced on Wednesday as market-supportive
comments from Federal Reserve Chair Janet Yellen helped to fuel
gains in energy and financial shares.
Dow Jones Industrial Average futures were up 0.08
percent at 0920 ET while S&P 500 futures were down 0.25
percent and Nasdaq 100 futures were down 0.37 percent.
Canadian housing starts picked up more than expected in
April, though it was unlikely to sway expectations that the
country's housing market is stabilizing.
U.S. initial jobs claims data was also better than expected.
(Morning News Call newsletter link.reuters.com/nex49s;
The Day Ahead newsletter link.reuters.com/mex49s)
Valeant Pharmaceuticals International Inc ,
Canada's largest listed drugmaker, reported a 35 percent jump in
cash earnings, helped by robust drug sales in the United States
and in its Bausch & Lomb eyecare business.
Telus Corp, one of Canada's largest
telecommunications companies, said its quarterly profit rose 4
percent, driven by its wireless business and TV and Internet
Magna International, one of the world's largest auto
parts makers, reported a nearly 7 percent rise in quarterly net
profit, helped by higher demand in North America and Europe.
Canadian Tire Corp reported a 3.3 percent drop in
quarterly net profit attributable to shareholders, largely due
to a rise in expenses related to advertising during the Winter
Olympics, stock-based compensation, and the spinoff of its
property holdings into a REIT.
COMMODITIES AT 0845 ET
Gold futures : $1,288.5; -0.01 pct
US crude : $100.18; -0.58 pct
Brent crude : $107.78; -0.32 pct
LME 3-month copper : $6,713.25.00; +0.89 pct
ANALYST RESEARCH HIGHLIGHTS
Intact Financial : National Bank Financial cuts
rating to sector perform from outperform
Tim Hortons : Raymond James, Canaccord Genuity cut
target; CIBC raises target
Trican Well : Canaccord Genuity ups to buy; National
Bank Financial up target
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Initial jobless claims: Actual +319,000 prior +344,000
0830 Jobless claims 4-wk avg: Actual +324,750 Prior +320,000
0830 Continued jobless claims: Actual +2.69 mln prior +2.77
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 Banagalore; Editing by Ted