June 10, 2013 / 12:27 PM / 4 years ago

CANADA STOCKS-TSX may open higher on OECD report, Japan data

3 Min Read

June 10 (Reuters) - Canada's main stock index looked set to open higher on Monday as expectations of economic improvements in Japan and the United States overshadowed concerns of an economic slowdown in China.

Top Stories

* The major developed economies are gradually gaining momentum, led by faster growth in Japan and the United States, the OECD said.

* Risks are rising that China's economic growth will fall further in the second quarter and that full-year forecasts will be cut further, after weekend data showed weakness in May exports and domestic activity struggling to pick up.

* Japan's current account surplus doubled in April from a year earlier, and the economy grew at a much quicker pace than previously estimated, an encouraging sign for the government's aggressive policies to stimulate growth even as recent market turbulence raised doubts about its strategy.

* Air Canada said it is moving ahead with plans to trim its costs by up to some 15 percent over the medium term, even as it pushes ahead with plans to boost its system capacity over the coming year.

* AstraZeneca is to buy U.S. respiratory drug specialist Pearl Therapeutics for up to $1.15 billion as Britain's second biggest drugmaker steps up a drive to rebuild its product pipeline via deal-making.

Market Snapshot

* Canada stock futures traded up 0.16 percent

* U.S. stock futures , , were up around 0.26 percent to 0.30 percent

* European shares, were mixed

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 287.5319; fell 0.23 percent

* Gold futures : $1,383; was unchanged 0 percent

* US crude : $95.37; fell 0.69 percent

* Brent crude : $103.89; fell 0.64 percent

* LME 3-month copper : $7,128; fell 1.41 percent

Canadian Stocks to Watch

* Bombardier Inc. The company has moved its CSeries jet to its Mirabel flight test center near Montreal ahead of a maiden flight scheduled for the end of June, a senior executive said on Friday.

Analysts' Recommendations

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

* Mercer International Inc : Raymond James cuts target price to $9 from $11, says despite good commodity fundamentals and rising prices, pulp levered company shares have been under pressure, reflecting capacity restart announcements

* Ritchie Bros Auctioneers Inc : Baird cuts rating to neutral as auction results fall short

* Zedi Inc : Cantor Fitzgerald starts with buy rating, says the company's share price undervalues its current EPS and free cash flow base while deeply underestimating the explosive growth potential from selling Zedi products internationally

On the Calendar

* Major Canadian economic data includes housing starts

* Major U.S. events and data includes employment index

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