January 31, 2018 / 12:47 PM / 6 months ago

CANADA STOCKS-TSX futures edge higher; GDP data awaited

Jan 31 (Reuters) - Futures for Canada’s main stock index edged higher on Wednesday, a day after the index hit an over seven-week low, and ahead of GDP data.

The Canadian economy is forecast to have grown by 0.4 percent in November, regaining momentum after pausing in October. Analysts will look to see whether the details in the report, due at 8:30 a.m. ET, are strong enough to get fourth-quarter growth to the 2.5 percent pace the Bank of Canada anticipates.

March futures on the S&P TSX index were up 0.05 percent at 7:15 a.m. ET.

December producer prices data is also scheduled for release at 8:30 a.m. ET.

Canada’s main stock index fell on Tuesday as the declining price of oil pulled shares of energy companies down for the second day in a row.

Dow Jones Industrial Average e-mini futures were up 0.36 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.34 percent and Nasdaq 100 e-mini futures were up 0.32 percent.

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TOP STORY

U.S. private equity firm Blackstone Group LP catapulted itself into the major leagues of Wall Street’s financial information industry on Tuesday with the acquisition of a majority stake in the Financial and Risk business of Thomson Reuters Corp .

ANALYST RESEARCH HIGHLIGHTS

Fairfax Financial Holdings Ltd: CIBC cuts price target to C$700 from C$725

Loblaw Companies Ltd: RBC cuts target price to C$84 from C$87

Thomson Reuters Corp: National Bank Of Canada cuts target price to C$60 from C$68

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1,343.8; +0.49 pct

US crude: $64.09; -0.64 pct

Brent crude: $68.53; -0.71 pct

LME 3-month copper: $7,144.00; +1.33 pct

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0815 ADP national employment for Jan: Expected 185000; Prior 250000

0830 Employment wages qq for Q4: Prior 0.7 pct

0830 Employment benefits qq for Q4: Prior 0.8 pct

0830 Employment costs for Q4: Expected 0.6 pct; Prior 0.7 pct

0945 Chicago PMI for Jan: Expected 64.1; Prior 67.6

1000 Pending Homes Index for Dec: Prior 109.5

1000 Pending sales change mm for Dec: Expected 0.4 pct; Prior 0.2 pct

1400 Fed funds target rate: Expected 1.375 pct; Prior 1.375 pct

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$1.23) (Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)

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