June 24, 2014 / 11:26 AM / in 3 years

CANADA STOCKS-TSX futures indicate lower start

June 24 (Reuters) - Canadian stocks looked set to open lower on Tuesday as investors found few reasons to keep buying given the absence of any major economic catalyst.

June futures on the S&P TSX index <0#SXF:> were down 0.16 percent at 0715 ET.

The index was little changed on Monday as worries about political instability in Iraq were balanced by upbeat economic data from China and the United States.

Dow Jones Industrial Average e-mini futures were down 0.09 percent at 0715 ET, while S&P 500 e-mini futures were down 0.18 percent and Nasdaq 100 e-mini futures were down 0.17 percent.

No major Canadian economic data is due for release on Tuesday.

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

TOP STORIES

U.S. officials ordered BNSF Railway Co and Canadian Pacific Railway Co to report by Friday their plans to clear a backlog of grain cars after months of service delays blamed on harsh winter weather and high freight demand.

Canada’s finance minister Joe Oliver warned on Monday that investors could be mispricing risk as they hunt for better investment returns, and said policymakers should keep the issue under close review.

Allergan Inc on Monday advised investors not to sell their shares to Valeant Pharmaceuticals International which launched a hostile takeover offer for the California-based Botox maker last week, saying it was “grossly inadequate.”

COMMODITIES AT 0715 ET

Gold futures : $1,325.8; +0.59 pct

US crude : $106.26; +0.08 pct

Brent crude : $114.19; +0.06 pct

LME 3-month copper : $6,891.00; +0.09 pct

ANALYST RESEARCH HIGHLIGHTS

Augusta Resource : Canaccord Genuity cuts rating to hold from speculative buy

Pason Systems : National Bank Financial starts rating with outperform

Waterfurnace Renewable Energy : Canaccord Genuity cuts rating to hold from buy

U.S. ECONOMIC DATA DUE ON TUESDAY

0855 Redbook mm: Prior -1.6 pct

0855 Redbook yy: Prior +3.5 pct

0900 Monthly home price mm for April: Prior +0.7 pct

0900 Monthly home price yy for April: Prior +6.5 pct

0900 Monthly home price index for April: Prior +211.6

0900 CaseShiller 20 mm sa for April: Expected +0.8 pct, prior +1.2 pct

0900 CaseShiller 20 mm nsa for April: Expected +0.8 pct, prior +0.9 pct

0900 CaseShiller 20 yy for April: Expected +11.6 pct, prior +12.4 pct

1000 Consumer confidence for June: Expected +83.5, prior +83.0

1000 New home sales-units mm for May: Expected +0.440 mln, prior +0.433 mln

1000 Richmond fed composite index for June: Prior +7

1000 Richmond fed services index for June: Prior +13

1000 Richmond fed manufacturing shipments for June: Prior +10

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= $1.07 Canadian Reporting by Mononshila Deka in Bangalore; Editing by Saumyadeb Chakrabarty

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