September 10, 2013 / 12:20 PM / in 4 years

CANADA STOCKS-TSX may open higher as Syria crisis eases

Sept 10 (Reuters) - Canada’s main stock index looked set to open higher on Tuesday as better-than-expected Chinese data, coupled with ebbing worries of a military strike against Syria after comments from U.S. President Barack Obama, boosted investor sentiment.

TOP STORIES

* France is to put forward a U.N. Security Council draft resolution for Syria to give up its chemical weapons, quickly turning a Russian idea into a full-blown diplomatic proposal that could avert Western military strikes.

* Stronger-than-expected industrial output reinforced other signs that China’s economy was stabilizing after slowing for more than two years, just as major emerging markets brace for potential fallout from an expected trimming of U.S. stimulus.

* McDonald’s Corp reported a better-than-expected 1.9 percent increase in global sales at established restaurants in August, helped by stronger sales in Europe.

* Layoffs at Bank of America Corp’s mortgage business will amount to about 2,100 positions, a source told Reuters on Monday, in response to weak refinancing activity.

* Russia’s Uralkali, the world’s largest potash miner by output, said its first-half net profit fell 53 percent year-on-year to $397 million, missing forecasts due to increased competition and foreign exchange losses.

MARKET SNAPSHOT

* Canada stock futures traded up 0.41 percent

* U.S. stock futures , , were up around 0.62 percent to 0.70 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 291.2697; fell 0.54 percent

* Gold futures : $1,371; fell 1.14 percent

* US crude : $107.69; fell 1.67 percent

* Brent crude : $112.19; fell 1.35 percent

* LME 3-month copper : $7,229.75; rose 0.47 percent

CANADIAN STOCKS TO WATCH

* Centerra Gold Inc : The company said it entered into an understanding with the Central Asian state of Kyrgyzstan that could pave the way for joint ownership of the country’s flagship mine.

* TransCanada Corp : Canada will do more in the global fight against climate change as the nation develops its vast oil sands resources and tries to win backing for the controversial Keystone XL pipeline, which is being proposed by the company, the country’s energy minister said on Monday.

ANALYSTS’ RECOMMENDATIONS

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

* Cameco Corp : Canaccord Genuity cuts target price to C$20 from C$21 on a 6-month delay in the company’s first ore production from its Cigar Lake project.

* Inter Pipeline Ltd : National Bank Financial raises target price to C$28.50 from C$27.50 after the company announced a 13 percent dividend increase.

* Tourmaline Oil Corp : Raymond James raises target price to C$51.50 from C$50 after the company announced an increase in its 2014 production outlook and 2013 spending.

ON THE CALENDAR

* Major Canadian economic data includes housing starts

* Major U.S. events and data includes Redbook

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