November 22, 2013 / 1:29 PM / 4 years ago

CANADA STOCKS-TSX may open higher, Fed worries recede

3 Min Read

Nov 22 (Reuters) - Canadian stock index futures pointed to a higher open on Friday as worry dissipated about the eventual scaling back of the U.S. Federal Reserve's bond-buying program.

Top Stories

* German business morale rose far more than forecast in November, reaching its highest level since April 2012, in a sign that Europe's largest economy is steadily recovering after a weak start to the year.

* The European Central Bank's chief economist said the euro zone faces deflationary pressures, and the bank's president stressed that interest rates must remain low "because the economy is weak".

* Swiss drugmaker Novartis AG is to buy back $5 billion of its shares, offering investors a sweetener as it holds off announcing any radical change to its structure.

* Gap Inc on Thursday reported a better-than-expected 9 percent rise in profit, helped by modest sales gains, and stuck to its profit forecast for the year.

Market Snapshot

* Canada stock futures traded up 0.04 percent

* U.S. stock futures , , were up around 0.1-0.19 percent

* European shares, were up

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 276.42; rose 0.11 percent

* Gold futures : $1,242.2; fell 0.1 percent

* US crude : $95.29; fell 0.16 percent

* Brent crude : $110.55; rose 0.43 percent

* LME 3-month copper : $7,083.5; rose 0.9 percent

Analysts' Recommendations

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

* Gildan Activewear Inc : CIBC raises price target to $53 from $51 citing the company's in-line fourth-quarter results.

* Lightstream Resources Ltd : CIBC cuts price target to C$8 from C$8.50 after the company announced a 50 percent cut to its monthly dividend and a suspension of its dividend reinvestment plan and share dividend plan.

* Magna International Inc : Morgan Stanley raises target price of U.S.-listed shares to $93 from $85, says the company's growth opportunities and its buyback reauthorization makes it a top supplier pick.

* Premier Gold Mines Ltd : CIBC cuts price target to C$4 from C$4.25 on the company's underwhelming resource growth in Nevada.

* Whitecap Resources Inc : CIBC raises price target to C$14.50 from C$14 after the company announced an accretive acquisition of a private company, PrivateCo.

On the Calendar

* Major Canadian economic data includes inflation and retail sales

* No major U.S. events or data scheduled for release

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