November 6, 2013 / 1:22 PM / 4 years ago

CANADA STOCKS-TSX may open higher; ECB and Fed eyed

Nov 6 (Reuters) - Canada’s main stock index pointed to a higher open on Wednesday as speculation surrounding the European Central Bank’s possible rate cut and the U.S. Federal Reserve’s monetary easing policy continued.

TOP STORIES

* Magna International Inc reported a nearly 13 percent rise in quarterly sales as its European business improved.

* Talisman Energy Inc reported a smaller quarterly net loss compared with the year-earlier quarter, when it took a $1.04 billion impairment charge.

* Agrium Inc reported a sharply lower third-quarter profit and a disappointing forecast for the current fourth quarter.

* Toyota Motor Corp is closing in on a record profit set before the Lehman crisis after topping up its annual net profit forecast by nearly $2 billion and outperforming Japanese rivals as its expansion plans bear fruit.

* Penn West Petroleum Ltd said it aims to sell non-core assets worth $1.5 billion to $2 billion before 2015 as part of a plan to focus on fewer fields centered on the Cardium field in Alberta.

* Torstar Corp reported a quarterly loss as it took an asset impairment charge of C$85.5 million related to its media business.

MARKET SNAPSHOT

* Canada stock futures traded up 0.34 percent

* U.S. stock futures , , were up around 0.34 percent to 0.47 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 274.7841; rose 0.44 percent

* Gold futures : $1,317.9; rose 0.76 percent

* US crude : $93.98; rose 0.65 percent

* Brent crude : $106.04; rose 0.67 percent

* LME 3-month copper : $7,183.5; rose 0.31 percent

ANALYSTS’ RECOMMENDATIONS

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

* Cathedral Energy Services Ltd : RBC raises price target to C$6.50 from C$5.50 primarily to account for faster growth in the U.S. market, partially offset by a slower recovery in its Canadian operations

* Cineplex Inc : CIBC cuts rating to sector performer from sector outperformer as the company’s third-quarter EBITDA came below expectations

* Nuvista Energy Ltd : CIBC raises target price to C$9.50 from C$8.50 on the company’s solid third-quarter production results

* Westjet Airlines Ltd : CIBC raises target price to C$31 from C$25.50 as the company reported strong third-quarter results

ON THE CALENDAR

* Major Canadian economic data includes building permits and Ivey PMI

* Major U.S. events and data includes lead indicators

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