October 31, 2013 / 12:32 PM / 4 years ago

CANADA STOCKS-TSX may open lower in wake of Fed decision

3 Min Read

Oct 31 (Reuters) - Canada's main stock index pointed to a lower open on Thursday after the U.S. central bank gave a less dovish outlook than many in the market had anticipated, raising concerns the massive stimulus may be scaled back earlier than previously expected.

Top Stories

* The Federal Reserve extended its support for a soft U.S. economy on Wednesday, sounding a bit less optimistic about growth as it announced plans to keep buying $85 billion in bonds per month.

* Suncor Energy Inc : The oil and gas company said on Wednesday it was moving ahead with its Fort Hills oil sands project in Northern Alberta, with first production expected as soon as the fourth quarter of 2017.

* Valeant Pharmaceuticals International Inc posted a quarterly net loss that it attributed in part to restructuring and impairment charges, and Canada's biggest publicly traded drugmaker cut its full-year revenue outlook.

* Barrick Gold Corp said it will suspend construction at its Pascua-Lama mine, a surprise reversal on a project that has cost billions after years of delays and cost overruns.

* The plane and train maker Bombardier Inc reported a 15 percent fall in net profit, and said both aircraft orders and deliveries fell in the third quarter.

Market Snapshot

* Canada stock futures traded down 0.3 percent

* U.S. stock futures , , were down around 0.41 percent to 0.17 percent

* European shares, were mixed

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 280.4252; fell 0.05 percent

* Gold futures : $1,334; fell 1.11 percent

* US crude : $96.4; fell 0.38 percent

* Brent crude : $109.58; fell 0.25 percent

* LME 3-month copper : $7,243.5; fell 0.64 percent

Canadian Stocks to Watch

* Canadian Oil Sands Ltd : The company which owns the largest stake in the Syncrude Canada Ltd oil sands project in northern Alberta, said on Wednesday its third-quarter profit fell 27 percent from a year earlier as maintenance issues reduced output.

* First Quantum Minerals Ltd : The base metal miner reported higher third-quarter earnings on Wednesday on the back of increased production, in part due to its takeover this year of a smaller rival, and despite lower metals prices received.

Analysts' Recommendations

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

* Baytex Energy Corp : National Bank Financial raises target price to C$51 from C$50 as the company recorded a strong third-quarter result.

* First Quantum Minerals Ltd : National Bank Financial raises target price to C$21.25 from C$20.50 says the company's financial position remains strong.

* Sherritt International Corp : National Bank Financial cuts target price to C$4.75 from C$5.10 following the company's third-quarter results.

On the Calendar

* Major Canadian economic data includes GDP

* Major U.S. events and data includes initial, continuing claims and Chicago PMI

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