May 21, 2013 / 12:57 PM / 4 years ago

CANADA STOCKS-TSX may open higher in catch up after long weekend

3 Min Read

May 21 (Reuters) - Canada's main stock index looked set to open slightly higher, catching up with gains in global equity markets following a Canadian long weekend, as investors cautiously awaited the release on Wednesday of minutes from the latest U.S. Federal Reserve meeting.

Top Stories

* British inflation fell twice as fast as expected last month, giving incoming Bank of England governor Mark Carney more leeway to support the economy with more stimulus should the recovery weaken.

* Germany, the euro zone's largest economy, is on track for a solid recovery thanks to a pick-up in demand for its products from abroad, the Bundesbank said.

* Vodafone will reinvest a $3.2 billion dividend from its healthy U.S. arm to counter weakness in southern Europe that contributed to the largest ever quarterly fall in the group's main revenue measure.

* AutoZone Inc reported a 7 percent rise in quarterly profit as costs fell.

* Home Depot Inc reported higher-than-expected quarterly results and raised its sales and profit outlook for the year as it benefited from a nascent recovery in the U.S. housing market.

Market Snapshot

* Canada stock futures traded up 0.18 percent

* U.S. stock futures , , were mixed around -0.01 percent to 0.07 percent

* European shares, were down

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 289.2883; fell 0.01 percent

* Gold futures : $1,377; fell 0.53 percent

* US crude : $96.54; fell 0.18 percent

* Brent crude : $104.31; fell 0.47 percent

* LME 3-month copper : $7,439; rose 0.54 percent

Analysts' Recommendations

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

* Aurcana Corp : RBC cuts rating to underperform from sector perform given the continued slow ramp-up of Shafter, silver price weakness and balance sheet health.

* Bank of Montreal : KBW raises price target to C$63 from C$62, says weakness in the Canadian economy could also result in lower balance sheet growth and potentially lower earnings.

* Canadian Imperial Bank of Commerce : KBW cuts price target to C$81 from C$82, says slowing domestic growth coupled with its strong capital position could result in deal risk in the form of a dilutive acquisition.

* Royal Bank of Canada : KBW raises price target to C$62 from C$61, says the slowness in the recovery of the overall U.S. and European economies could negatively impact the Canadian economy and the bank.

On the Calendar

* No major Canadian economic data

* Major U.S. events and data includes Redbook

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