August 29, 2013 / 12:29 PM / 4 years ago

CANADA STOCKS-TSX may open higher as Syria tension eases

Aug 29 (Reuters) - Canadian stock index futures pointed to a higher open on Thursday, helped by signs of a delay in U.S. military action against Syria and stronger-than-expected results from some of Canada’s biggest banks.

TOP STORIES

* President Barack Obama made the case on Wednesday for a limited military strike against Syria in response to last week’s chemical weapons attack even as he faced new obstacles with British allies and U.S. lawmakers that could delay any imminent action.

* Vodafone Group PLC said it was in talks with Verizon Communications Inc to sell its 45 percent stake in their U.S. joint venture Verizon Wireless for what a Bloomberg report said would be about $130 billion.

* Royal Bank of Canada reported a 3 percent rise in quarterly profit, topping analysts’ estimates, as higher consumer loan volumes and wealth management fees more than offset a drop in fixed-income trading revenue.

* Toronto-Dominion Bank’s quarterly profit fell 10 percent, as the lender took C$418 million in insurance-related charges partly related to severe weather in Canada during the summer.

* Canadian Imperial Bank of Commerce’s third-quarter profit rose 6 percent, driven by stronger retail banking and wealth management income, it said.

MARKET SNAPSHOT

* Canada stock futures traded up 0.57 percent

* U.S. stock futures , , were up around 0.36 percent to 0.44 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 295.401; fell 0.29 percent

* Gold futures : $1,412; fell 0.47 percent

* US crude : $109.36; fell 0.67 percent

* Brent crude : $115.78; fell 0.71 percent

* LME 3-month copper : $7,248.75; fell 0.57 percent

ANALYSTS’ RECOMMENDATIONS

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

* Capital Power Corporation : CIBC raises to sector outperformer from sector performer after the company reached an agreement to sell three New England facilities to Emera Inc .

* Emera Inc : Barclays cuts target price to C$37 from C$38 after the company announced that it will acquire 1,050MWs of Combined Cycle Gas Turbine plants in New England for $541 million from Capital Power Corp.

* National Bank of Canada : Barclays raises target price to C$84 from C$78 after the bank reported better-than-expected third-quarter earnings.

ON THE CALENDAR

* Major Canadian economic data includes current account, PPI and raw materials prices

* Major U.S. events and data includes real GDP, initial and continuing claims, and final sales

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