(Updates with GDP data)
May 31 (Reuters) - Canada stock futures inched higher on
Tuesday after data showed that economic growth picked up in the
first quarter.
While, gross domestic product grew at a slower-than-forecast
2.4 percent annualized rate in the quarter it marked a rebound
from a downwardly revised 0.5 percent in the fourth quarter.
June futures on the S&P TSX index SXFc1 were up 0.18
percent at 8:45 a.m. ET.
Canada's main stock index edged lower on Monday as energy
stocks retreated ahead of a meeting of oil producers later in
the week, while mining stocks and financials also fell in a
low-volume session.
Dow Jones Industrial Average e-mini futures 1YMc1 were up
0.16 percent at 8:45 a.m. ET, while S&P 500 e-mini futures
ESc1 were up 0.10 percent and Nasdaq 100 e-mini futures NQc1
were up 0.14 percent.
TOP STORIES
Canada's economy picked up slightly less than expected in
the first quarter, growing at a 2.4 percent annualized pace as
exports made gains, data from Statistics Canada showed.
Bank of Nova Scotia BNS.TO said provisions for bad loans
increased by 40 percent in the second quarter, compared with the
previous quarter, driven primarily by exposure to the energy
sector.
An Australian mining veteran who made investors billions
with a shrewd bet on coal in Mozambique is aiming for another
big score with Canada's Champion Iron CIA.AX CIA.TO , even as
a global gush of new supply threatens to depress already
slumping prices. AT 8:45 a.m. ET COM/WRAP
Gold futures GCc2 : $1,211.00; -0.35 pct GOL/
US crude CLc1 : $49.54; +0.41 pct O/R
Brent crude LCOc1 : $49.50; -0.52 pct O/R
LME 3-month copper CMCU3 : $4,673.00; -0.47pct MET/L
ANALYST RESEARCH HIGHLIGHTS
Ensign Energy Services Inc ESI.TO : Raymond James raises
rating to "market perform"
Toronto-Dominion Bank TD.TO : KBW raises target price to
C$56 from C$52
Western Energy Services Corp WRG.TO : Raymond James raises
rating to "outperform"
U.S. ECONOMIC DATA RELEASED ON TUESDAY
0830 Personal consumption real mm for Apr: Actual +0.6%;
Prior 0.0 pct
0830 Personal income mm for Apr: Actual +0.4 pct; Prior 0.4
pct
0830 Consumption, adjusted mm for Apr: Actual +1.0 pct;
Revised 0.0 pct
0830 Core PCE Price Index mm for Apr: Actual +0.2 pct; Prior
0.1 pct
0830 Core PCE Price Index yy for Apr: Actual +1.6%; Prior
1.6 pct
0830 PCE Price Index mm for Apr: Actual 0.3% Prior 0.1 pct
0830 PCE Price Index yy for Apr: Actual +1.1%; Prior 0.8 pct
U.S. ECONOMIC DATA DUE ON TUESDAY
0945 Chicago PMI for May: Expected 50.9; Prior 50.4
1000 Consumer Confidence for May: Expected 96; Prior 94.2
1030 Dallas Fed Manufacturing Business Index for May: Prior
-13.9
($1= C$1.30)