Industrial data pushes futures lower
(Reuters) - Canadian stocks looked set to open lower on Friday after data showed industrial product prices falling unexpectedly in May, due largely to cheaper energy and a stronger currency. June futures on the S&P TSX index <0#SXF:> were down 0.15 percent at 0845 ET. Factory prices were 0.5 percent lower in May than in April, after a 0.2 percent drop in April, but were 3.4 percent higher than in May 2013. The raw materials price index fell 0.4 percent on the month, the first decline since November, but was up 7.6 percent on the year. The index closed modestly higher on Thursday, reversing earlier weakness on the back of higher energy and financial shares and a turnaround in mining stocks. Dow Jones Industrial Average e-mini futures <1YMc1> were down 0.18 percent at 0845 ET, while S&P 500 e-mini futures were down 0.23 percent. Nasdaq 100 e-mini futures were down 0.14 percent. [.N] (Morning News Call newsletter http://link.reuters.com/nex49s; The Day Ahead newsletter http://link.reuters.com/mex49s) TOP STORIES [TOP/CAN] Encana Corp said it would sell its Bighorn gas properties in Alberta to Apollo Global Management LLC for about C$2 billion ($1.9 billion) as it focuses on more-lucrative oil and natural-gas liquids. Canadian stocks will probably set record highs this year and next, lifted by strength in the energy sector and an improving global outlook, a Reuters poll showed. Global mining company Rio Tinto and Russian fertilizer producer Acron OAO are moving ahead with the development of the Albany potash prospect in Saskatchewan, Canada, Acron said. COMMODITIES AT 0845 ET [COM/WRAP] Gold futures : $1,318.2; +0.09 pct [GOL/] US crude : $106.11; +0.26 pct [O/R] Brent crude : $113.58; +0.33 pct [O/R] LME 3-month copper : $6,957; +0.03 pct [MET/L] ANALYST RESEARCH HIGHLIGHTS [RCH/CA] Shaw Communications : Canaccord Genuity raises to hold from sell Empire Company Ltd : CIBC raises to sector outperformer from sector performer Fortuna Silver Mines Inc : Raymond James cuts to outperform from strong buy Perpetual Energy : CIBC raises to sector outperformer-spec. from sector performer U.S. ECONOMIC DATA DUE ON FRIDAY 0955 Univ Mich sentiment final for June: Expected +82.0, prior +81.2 0955 Univ Mich conditions final for June: Expected +96.0, prior +95.4 0955 Univ Mich expectations final for June: Expected +72.8, prior +72.2 0955 Univ Mich 1Yr inf final for June: Prior +3.0 pct 0955 Univ Mich 5-Yr inf final for June: Prior +2.9 pct 1030 ECRI weekly index: Prior +135.4 1030 ECRI weekly annualized: Prior +4.4 pct FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report [.TO] Canadian dollar and bonds report [CAD/] [CA/] Reuters global stocks poll for Canada Canadian markets directory ($1= $1.07 Canadian) (Reporting by Mononshila Deka in Bangalore; Editing by Saumyadeb Chakrabarty)
