July 24, 2013 / 12:34 PM / 4 years ago

CANADA STOCKS-TSX may open higher, euro zone PMIs offset China data

July 24 (Reuters) - Canada’s main stock index looked set to reverse previous session’s losses on Wednesday after euro zone manufacturing data bounced back to growth, signalling a recovery in the region.

TOP STORIES

* Euro zone private industry unexpectedly bounced back to growth, but Europe’s recovery risks being derailed as China’s huge manufacturing engine is losing steam, surveys suggested.

* Canadian Pacific Railway’s second-quarter profit more than doubled due to a jump in freight revenue.

* Caterpillar Inc reported a 43.5 percent drop in quarterly profit and cut its outlook for the year, saying its dealers were still reducing inventories and demand was weak from the mining industry.

* Boeing Co posted a better-than-expected 13 percent jump in quarterly profit after delivering more commercial jets, shrugging off concerns about the 787 Dreamliner and sending its shares up 2 percent to an all-time high in premarket trading.

MARKET SNAPSHOT

* Canada stock futures traded up 0.05 percent

* U.S. stock futures , , were up around 0.23 percent and 1.01 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 290.5978; fell 0.21 percent

* Gold futures : $1,341; rose 0.44 percent

* US crude : $106.9; fell 0.31 percent

* Brent crude : $107.6; fell 0.76 percent

* LME 3-month copper : $7,109.5; rose 1 percent

CANADIAN STOCKS TO WATCH

* Energy producer Encana Corp reported a 25 percent increase in second-quarter operating profit as oil and natural gas liquids volumes soared.

* Barrick Gold Corp : The gold miner said on Tuesday it had agreed to sell its energy businesses for about C$455 million, and would recognize a loss of $500 million in its second quarter in connection with the deals.

* Loblaw Cos Ltd reported a higher quarterly profit as food and clothing sales rose throughout its stores, prompting it to raise its full-year operating income forecast in defiance of tougher competition.

* Rogers Communications reported a 4 percent rise in quarterly adjusted net profit as wireless data revenue grew 18 percent.

* Oil producer Cenovus Energy Inc said its second-quarter profit fell over 54 percent.

ANALYSTS’ RECOMMENDATIONS

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

* Ag Growth International Inc : National Bank Financial raises target price to C$35.50 from C$33.50 on greater confidence of a robust U.S. crop

* Canexus Corp : CIBC raises price target to C$11 from C$10 after the company announced the Bruderheim agreements with Inter Pipeline Fund and Inter Pipeline Polaris Inc for the delivery of bitumen blend

* Metals and minerals: CIBC cuts target price of First Quantum Minerals Ltd to C$26 from C$27, Lundin Mining Corp to C$6 from C$6.15 and Teck Resources to C$41 from C$42 citing weaker metals prices due to concerns regarding Chinese credit conditions and growth, which could weigh on earnings

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes Markit manufacturing PMI and new home sales

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