April 16, 2013 / 12:27 PM / 4 years ago

CANADA STOCKS-TSX may open higher as gold rebounds

3 Min Read

April 16 (Reuters) - Canadian stock index futures signaled a higher open in Toronto on Tuesday after gold recovered from its biggest-ever daily loss in the previous session.

Top Stories

* Gold rose 2.6 percent as the market tried to find its feet after the previous session's record-breaking daily loss, but even as physical buyers seized on the lower prices investors feared more falls.

* Inflationary pressures eased further in March in the 17 countries using the euro, spurred by a continued downward trend in energy prices, data from the EU statistics agency showed.

* Moody's Investors Service affirmed China's government's bond rating of Aa3 but cut the outlook to stable from positive, the second pessimistic revision by a foreign ratings agency this month.

* Goldman Sachs Group Inc reported a 5.5 percent rise in quarterly profit as it earned more from investment banking.

* BlackRock Inc said that first-quarter net income rose 10 percent as investors increasingly turned to the money manager's higher-fee stock funds.

* U.S. Bancorp, the fifth-largest U.S. commercial bank by assets, reported a 7 percent increase in quarterly profit, largely due to lower provisions for credit losses and a drop in non-interest expenses.

Market Snapshot

* Canada stock futures traded up 1.03 percent

* U.S. stock futures , , were up around 0.83 percent to 0.91 percent

* European shares, were down

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 281.9469; rose 0.18 percent

* Gold futures : $1,386.5; rose 1.9 percent

* US crude : $88.64; fell 0.08 percent

* Brent crude : $100.11; fell 0.52 percent

* LME 3-month copper : $7,263.5; rose 0.85 percent

Analysts' Recommendations

Following is a summary of research actions on Canadian companies reported by Reuters.

* Parkland Fuel Corp : CIBC cuts target price to C$19.25 from C$20 on lower earnings estimates following an in-depth company outlook

* Southern Pacific Resource Corp : CIBC cuts target price to C$1 from C$1.75 on valuation following a recent operational update, says high leverage and limited liquidity will severely discount the equity value

* Sun Life Financial : CIBC cuts target price to C$31 from C$32 on expectations of headline numbers falling, says progress should be gradual in 2013.

On the Calendar

* Major economic Canadian data includes manufacturing sales and Canadian and foreign securities data

* Major U.S. events and data includes consumer price index, real earnings, housing starts & permits and chain store sales

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