November 13, 2013 / 1:32 PM / 4 years ago

CANADA STOCKS-TSX may open lower; Fed stimulus uncertainty drags

Nov 13 (Reuters) - Canada’s main stock index was set for a lower open on Wednesday, hurt by uncertainty over the timeline for a scaling down of the U.S. Federal Reserve’s monetary stimulus.

TOP STORIES

* Britain’s unemployment rate will fall much faster than previously expected due to a strengthening economic recovery, the Bank of England said, but it stressed that it was in no hurry to raise interest rates.

* Loblaw Co Ltd reported a 29 percent fall in quarterly net profit as sales in its retail business, which includes drugstores and its Joe Fresh apparel brand, rose just 1.5 percent.

* Metro Inc reported a lower quarterly profit, hurt by intensifying competition from U.S. retailers Target Corp and Wal-Mart Stores.

* Johnson & Johnson will pay more than $4 billion to settle thousands of lawsuits over its recalled defective hip implants, Bloomberg reported late on Tuesday, citing three people familiar with the deal.

* Starbucks Corp must pay Kraft Foods $2.76 billion after it ended the companies’ grocery deal at least three years early, the coffee chain said on Tuesday.

MARKET SNAPSHOT

* Canada stock futures traded down 0.3 percent

* U.S. stock futures , , were down around 0.41 percent to 0.24 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 274.6059; rose 0.23 percent

* Gold futures : $1,275.4; rose 0.34 percent

* US crude : $93.42; rose 0.41 percent

* Brent crude : $107.06; rose 1.18 percent

* LME 3-month copper : $7,031.5; fell 1.24 percent

ANALYSTS’ RECOMMENDATIONS

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

* AGF Management Ltd : National Bank Financial raises price target to C$15 from C$14, believes improving sales performance and above-average equities exposure position the company for a stronger re-rating relative to peers.

* Axia NetMedia Corp : National Bank Financial raises rating to outperform from sector perform, believes the company’s revenue growth and margin estimates will prove to be conservative.

* Bonterra Energy Corp : National Bank Financial cuts price target to C$60 from C$62 following the company’s weak third-quarter results.

* Cargojet Inc : National Bank Financial cuts price target to C$11.50 from C$12 on the company’s weaker-than-expected third-quarter results.

* Crew Energy Inc : National Bank Financial cuts price target to C$9 from C$10 as the company posted third-quarter operating and financial results that were mixed versus expectations.

ON THE CALENDAR

* No major Canadian economic data scheduled for the day

* Major U.S. events and data includes Federal Budget

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