February 19, 2013 / 1:22 PM / 5 years ago

CANADA STOCKS-TSX may open higher, buoyed by upbeat German data

Feb 19 (Reuters) - Canada’s main stock index looked set to open higher on Tuesday, after a long weekend, as encouraging German economic data cheered investors, eclipsing last week’s weak macro data.

TOP STORIES

* German investor sentiment soared to its highest in nearly three years in February on optimism the worst of the euro crisis is over, in the latest sign that Europe’s largest economy is bouncing back after a dismal end to 2012.

* President Barack Obama will make a fresh push to force Congressional Republicans to make concessions that will head off budget cuts that appear increasingly likely to kick in starting on March 1.

* Japan’s government has delayed nominating a Bank of Japan governor by a week, fanning talk of friction between the prime minister and the finance minister over who should run a central bank charged with taking bold action to reignite the economy.

* Russia’s Rosneft agreed in principle to boost crude oil deliveries to China during a visit to Asian consumer countries by Chief Executive Igor Sechin, but no details on volumes or delivery routes were disclosed.

* Danone said it would cut around 900 jobs to cope with the downturn in southern Europe that is hurting its core dairy business and aims to return to more profitable growth next year.

MARKET SNAPSHOT

* Canada stock futures traded up 0.25 percent

* U.S. stock futures , , were up around 0.16 percent to 0.25 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 299.2307; rose 0.1 percent

* Gold futures : $1,613.3; rose 0.28 percent

* US crude : $95.75; fell 0.13 percent

* Brent crude : $117.39; rose 0.01 percent

* LME 3-month copper : $8,112; fell 0.09 percent

ANALYST RECOMMENDATIONS

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

* Rogers Communications Inc : RBC raises target price to C$51 from C$48, and National Bank Financial ups target to C$48 from C$46.50 after the company reported stronger-than-expected fourth-quarter results and increased its dividend

* Telus Corp : RBC raises target price to C$72 from C$71 and National Bank Financial raises target price to C$72 from C$70 after the company reported in-line fourth-quarter results

* Banks: CIBC raises target price of Royal Bank of Canada to C$68 from C$66 and Bank Of Nova Scotia to C$64 from C$63, says the banks should show good sequential growth and dividend increases, also can grow revenue rapidly while controlling costs

* Industrial Alliance Insurance : CIBC raises target price to C$41 from C$35 citing the company’s better-than-expected fourth-quarter results, solid sales performance and strong capital position

ON THE CALENDAR

* Major Canadian economic data includes wholesale trade

* Major U.S. events and data includes NAHB index

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below