4 Min Read
June 21 (Reuters) - Toronto's main stock index looked set to open higher on Tuesday, helped by stronger commodity prices and expectations that the euro zone will avoid a messy default of Greek sovereign debt.
* Canadian equity futures <0#SXF:> pointed to a higher open.
* U.S. stock index futures pointed to a strong open for Wall Street, adding to gains from the previous session, as expectations grew that a solution would be found for Greece to avoid a default. [.N]
* Battered European shares rose on expectations that policymakers can come up with a solution to save Greece from missing its July debt payment and avoid short-term contagion risk to euro zone peripheral countries. [.EU]
* Asian market rose and Tokyo stocks closed more than 1 percent for their biggest daily gain in three weeks, led by auto stocks climbing on bullish comments from a brokerage but volume was thin and most players were on the sidelines ahead of a Federal Reserve policy meeting.
* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.51 percent in early trade.
* Oil rose from a dive to a four-month low in the previous session as the euro gained against the dollar ahead of a confidence vote in Greece aimed at avoiding a messy default of its sovereign debt. [O/R]
* Gold prices rose as investors spooked by talk of a Greek debt default and contagion to other euro zone countries sought safety while a softer dollar also helped. [GOL/]
* Copper edged up as the dollar fell against the euro with investors betting European leaders will cobble together a deal to prevent Greece from defaulting but concerns about demand prospects remained. [MET/L]
* Encana Corp. (ECA.TO): The natural gas producer called off a proposed C$5.4 billion deal with PetroChina Co to sell half of its holdings in a shale gas region of northeastern British Columbia to the Chinese company. [ID:nL3E7HL1HH]
* Bombardier Inc. (BBDb.TO): The company's aerospace unit said Switzerland's VistaJet had placed an order for 10 Global 8000 aircraft, valued at about $650 million. [ID:nL3E7HL1HM]
* Heroux Devtek Inc. (HRX.TO): The aerospace equipment maker has won a seven-year contract from the world's biggest aerospace company Lockheed Martin for its C-130J Super Hercules military aircraft. [ID:nL3E7HL1E9]
* Sino-Forest TRE.TO: Billionaire hedge fund manager John Paulson sold his entire stake in the Chinese forestry company, and credit rating agency Fitch cut its debt rating on the firm to junk status. [ID:nN1E75J0AK]
* Tuscany International Drilling TID.TO: The French oil exploration company Maurel & Prom has agreed to sell drilling subsidiary Caroil to Tuscany for $120 million in cash and Tuscany shares. [ID:nWEB6301]
* Viterra Inc. VT.TO: The grain handler said on Monday that a subsidiary has bought Premier Pulses International Inc, a U.S. processor and seller of legume crops. [ID:nN1E75J1X9]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
* Petrominerales PMG.TO price target cut to C$48 from C$48.25; rating sector outperformer at CIBC
* Research In Motion Ltd RIM.TO rating cut to neutral from outperform at Credit Suisse
$1= $0.98 Canadian Reporting by Kishan Nair; Editing by Jeffrey Hodgson