February 5, 2014 / 1:32 PM / 3 years ago

CANADA STOCKS-TSX may open lower despite strong euro data

3 Min Read

Feb 5 (Reuters) - Canada's main stock index looked set to reverse the previous session's gains on Wednesday even as upbeat euro zone economic data pointed to a gradual recovery in the currency bloc.

Top Stories

* The euro zone's private sector logged its busiest month in 2-1/2 years in January as buoyant manufacturing growth outshone a more modest expansion in services activity, surveys showed.

* Time Warner Inc reported a better-than-expected 5 percent rise in quarterly revenue, helped by growth in its Warner Bros movie studio business and premium TV service Home Box Office.

* Merck & Co Inc reported lower sales, just below Wall Street estimates, hurt by competition from cheaper generic medicines.

* TMX Group Ltd reported a fourth-quarter profit that comfortably beat analysts' estimate as trading activity improved.

* Intact Financial Corp reported a 40 percent drop in fourth-quarter profit, hurt mainly by severe winter weather, but raised its dividend.

Market Snapshot

* Canada stock futures traded down 0.19 percent

* U.S. stock futures , , were down around 0.03 percent and 0.28 percent

* European shares, were mixed

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 288.3274; rose 0.44 percent

* Gold futures : $1,261; rose 0.74 percent

* U.S. crude : $97.73; rose 0.56 percent

* Brent crude : $105.88; rose 0.09 percent

* LME 3-month copper : $7,057; rose 0.23 percent

Canadian Stocks to Watch

* Osisko Mining Corp : The company said on Tuesday a Quebec court has scheduled a hearing in early March to decide if its complaints against Goldcorp Inc, which has made a C$2.6 billion hostile bid for Osisko, have merit.

Analysts' Recommendations

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

* Suncor Energy Inc : Raymond James cuts target price to C$45 from C$46 on the company's mixed fourth-quarter results.

* Surge Energy Inc : National Bank Financial resumes with outperform rating and price target of C$8.50 as the company continues to screen as one of the most sustainable models in the energy patch.

* WestJet Airlines Ltd : Raymond James cuts target price to C$28 from C$31 as the company reported fourth-quarter results in line with expectations.

On the Calendar

* Major Canadian economic data includes building permits .

* Major U.S. events and data includes ADP national employment and ISM non-manufacturing index.

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