April 30, 2019 / 11:31 AM / 3 months ago

CANADA STOCKS-TSX futures slip, Feb GDP in focus

April 30 (Reuters) - Futures for Canada’s main stock index were lower on Tuesday, as investors awaited Canada’s February gross domestic product (GDP) data, which is due later in the day.

Statistics Canada is likely to report February gross domestic product was flat, after the economy grew 0.3 percent in January.

June futures on the S&P/TSX index were down 0.15 percent at 7:00 a.m. ET.

Canada’s gross domestic product for February and producer prices for March are scheduled for release at 8:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX fell 13.09 points, or 0.08 percent, to 16,600.37 on Monday.

Dow Jones Industrial Average e-mini futures were up 0.07 percent at 7:00 a.m. ET, while S&P 500 e-mini futures were flat and Nasdaq 100 e-mini futures were down 0.08 percent.

TOP STORIES

Oil and gas producer Encana Corp said it expects cost savings from its acquisition of Newfield Exploration to be 20 percent higher than its estimates, and reported a 6 percent rise in quarterly adjusted profit as it sold oil at higher prices.

E-commerce software maker Shopify Inc reported a wider quarterly loss, as costs surged nearly 50 percent.

Canadian National Railway Co on Monday became the latest railroad operator to blame higher operating expenses due to prolonged extreme cold weather for a lower-than-expected quarterly profit.

ANALYST RESEARCH HIGHLIGHTS

Canadian National Railway Co: CIBC raises price target to C$125 from C$119

First Quantum Minerals Ltd: TD Securities cuts price target to C$21 from C$25

West Fraser Timber Co Ltd: CIBC cuts price target to C$68 from C$70

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,287.9; +0.5 percent

US crude: $64.36; +1.35 percent

Brent crude: $72.96; +1.28 percent

U.S. ECONOMIC DATA DUE ON TUESDAY

0830 Employment wages QQ for Q1: Prior 0.6 pct

0830 Employment benefits QQ for Q1: Prior 0.7 pct

0830 Employment costs for Q1: Expected 0.7 pct; Prior 0.7 pct

0900 Caseshiller 20 mm SA for Feb: Expected 0.2 pct; Prior 0.1 pct

0900 Caseshiller 20 mm NSA for Feb: Expected 0 pct; Prior -0.2 pct

0900 Caseshiller 20 yy for Feb: Expected 3.2 pct; Prior 3.6 pct

0945 Chicago PMI for April: Expected 59; Prior 58.7

1000 Consumer Confidence for April: Expected 126; Prior 124.1

1000 Pending Homes Index for March: Prior 101.9

1000 Pending sales change mm for March: Expected 1.1 pct; Prior -1 pct

1030 Texas Service Sector Outlook for April: Prior -4.4

1030 Dallas Fed Services Revenues for April: Prior 12.8

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$1.34) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by James Emmanuel)

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