September 17, 2013 / 12:20 PM / 4 years ago

CANADA STOCKS-TSX may open lower ahead of Fed's policy meet

Sept 17 (Reuters) - Canadian stock index futures pointed to a lower open on Tuesday as investors turned cautious ahead of the U.S. Federal Reserve’s two-day policy meeting, which starts later in the day.

TOP STORIES

* Britain has raised 3.2 billion pounds from the sale of a 6 percent stake in Lloyds Banking Group, marking a milestone in the economy’s recovery from the 2008 financial crisis.

* Federal Reserve Vice Chair Janet Yellen became the front runner for the U.S. central bank’s top job when President Barack Obama’s preferred candidate, former adviser Larry Summers, withdrew, sources familiar with the situation said on Monday.

* The euro zone’s trade surplus widened in July thanks to a revival in exports, another sign that sales to the rest of the world are proving to be central to the bloc’s recovery.

* Beauty products maker Coty Inc reported a better-than-expected adjusted profit in its first quarterly results as a public company, mainly due to strong sales of branded perfumes such as Marc Jacobs and Chloe in Asia.

* Huntsman Corp said it would combine its pigment business with Rockwood Holdings Inc’s as part of a $1.1 billion deal and eventually take the business public.

MARKET SNAPSHOT

* Canada stock futures traded down 0.15 percent

* U.S. stock futures , , were mixed around -0.01 percent to 0.05 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 289.6586; fell 0.13 percent

* Gold futures : $1,317.9; were unchanged

* US crude : $106.14; fell 0.42 percent

* Brent crude : $109.37; fell 0.64 percent

* LME 3-month copper : $7,089; rose 0.06 percent

CANADIAN STOCKS TO WATCH

* Encana Corp : The natural gas producer has shut 397 out of 1,241 wells in the Denver-Julesburg basin, Colorado, as a result of recent flooding in the state, a company spokesman said on Monday.

* Hudson’s Bay Co : The retailer said on Monday that Harrods executive Marigay McKee will become president of Saks Inc after it acquires the upscale U.S. department store operator.

ANALYSTS’ RECOMMENDATIONS

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

* Aimia Inc : National Bank Financial cuts to sector perform from outperform mainly due to incremental marketing expenses and weaker-than-expected market conditions in the latter part of 2013.

* Avigilon Corp : CIBC starts with sector outperformer and price target C$20, says as global expansion into all verticals continues, shares should move higher.

* Endeavour Silver Corp : CIBC raises price target to C$5.50 from C$5.10 after the company increased its 2013 production guidance.

* Long Run Exploration Ltd : CIBC raises price target to C$6.50 from C$6 after the company announced low-cost portfolio consolidation.

* TD Bank : National Bank Financial raises target price to C$99 from C$97 after the bank agreed to buy about half of Canadian Imperial Bank of Commerce’s Aeroplan Visa credit card portfolio.

ON THE CALENDAR

* Major Canadian economic data includes manufacturing sales

* Major U.S. events and data includes CPI, real earnings, Redbook and NAHB index

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