July 12, 2012 / 12:28 PM / 5 years ago

CANADA STOCKS-TSX may open lower on Fed's stimulus view

4 Min Read

July 12 (Reuters) - Canada's main stock index looked set to open lower, after minutes from the recent U.S. Federal Reserve meeting dampened hopes of risk-asset-boosting stimulus in the near term.

Top Stories

* The European Central Bank's new zero deposit rate had an instant impact as it came into force, with banks more than halving the amount of cash parked there overnight and one ECB policymaker saying he expected the move to increase banks' lending.

* The U.S. Federal Reserve is open to buying more Treasury bonds to stimulate the economy, but the recovery might need to weaken for a consensus to build, minutes from the central bank's June meeting released showed.

* China's economy may have grown around 7.5 percent in the second quarter and nearly 8 percent in the first half, and will recover steadily in the second half as policy stimulus gains traction, a senior economist at the cabinet's think-tank said on Thursday.

* Recession-plagued Spain unveiled new austerity measures on Wednesday designed to slash 65 billion euros from the public deficit by 2014 as Prime Minister Mariano Rajoy yielded to EU pressure to try to avoid a full state bailout.

* Cogeco Cable Inc, the main unit of media and telecom company Cogeco Inc, posted a modestly higher third-quarter profit from continuing operations as revenue rose 7.2 percent.

Market Snapshot

* Canada stock futures traded down 0.67 percent

* U.S. stock futures , , were down around 0.7 percent

* European shares, were down

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 287.87; fell 1 percent

* Gold Futures : $1,564.4; fell 0.69 percent

* US Crude : $84.57; fell 1.45 percent

* Brent Crude : $98.94; fell 1.29 percent

* LME 3-month Copper : $7,481.25; fell 0.78 percent

Canadian Stocks to Watch

* Corus Entertainment Inc. : The media company reported a 7 percent rise in third-quarter profit, but said advertising revenue was hurt by soft demand for children's programming.

* Thomson Reuters Corp. : The European Commission will consult customers and competitors of the global news and information provider on the company's revised plan to address competition concerns over the use of codes to identify financial data on its systems, the Commission said.

* Calvalley Petroleum Inc. : Norwegian oil and gas company DNO has decided not to proceed with its plans to buy Calvalley Petroleum, the company said on Thursday.

* Telus Corp. : A U.S. hedge fund has escalated its battle with the telecommunications provider by asking a court to force Telus to reveal how much support shareholders had given its failed plan to unify its two classes of stock.

* TMX Group Inc. : The operator of the Toronto Stock Exchange is in talks to buy U.S. stock market operator Direct Edge Holdings LLC, sources familiar with the matter said on Wednesday.

* Enbridge Inc. : Canadian crude discounts narrowed on Wednesday after the pipeline company said it would reschedule a planned shutdown of its 491,000 barrel per day Line 5 pipeline for later this month.

* DragonWave Inc. : The telecom network equipment maker reported its seventh straight quarterly loss as margins fell.

Analyst Recommendations

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

* Canadian Satellite Radio Holdings Inc. : RBC raises price target to C$5 from C$4.75 after the company posted in-line third-quarter results but better than expected subscriber growth; keeps outperform rating on the stock

* Semafo Inc. : CIBC cuts price target to C$7 from C$10 to reflect a flatter production profile, says the south sector update disappoints as the development of the 6,000 tpd satellite processing plant has been delayed

On the Calendar

* Major Canadian economic data includes new housing price index

* Major U.S. events and data includes initial jobless claims, import and export prices, and federal budget

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below