July 13, 2011 / 12:29 PM / 6 years ago

CANADA STOCKS-TSX may open higher after strong Chinese data

July 13 (Reuters) - Toronto's resource-heavy main stock index looked set to open higher on Wednesday after data showing China's economy grew faster than expected drew investors into equity markets and pushed metal prices higher.

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> pointed to a higher open.

* U.S. stock index futures rebounded from three days of losses on stronger-than-expected growth in China, but investors closely watched developments in Europe's debt crisis. [.N]

* European shares edged up, with miners rising after encouraging Chinese data, and Italian banks recovering some of the ground lost in recent days, when worries over the euro zone debt crisis escalated. [.EU]

* Asian markets closed higher with Nikkei bouncing off a major support line as foreign players covered short positions after steep losses.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.33 percent in early trade.

* Oil prices rose slightly, supported by data showing China, the world's second largest oil consumer after the United States, is growing faster than expected, while data from the International Energy Agency predicted strong demand next year [O/R]

* Gold prices hit a record $1,578.50 an ounce as concern over the euro zone debt crisis deepened, and after minutes to the Federal Reserve's June meeting suggested some members were pondering the possible need for additional easing. [GOL/]

* Copper gained, supported by better-than-expected economic data from top consumer China that offset fears of spreading debt contagion across Europe. [MET/L]

CANADIAN STOCKS TO WATCH

* Northgate Minerals NGX.TO: The gold miner agreed to buy Primero Mining P.TO for C$370.4 million in stock to enter the Mexican market through Primero's flagship San Dimas mine. [ID:nL3E7ID27Y]

* North American Palladium Ltd. (PDL.TO): The precious metals company expects underground production at its Vezza gold project in the Abitibi region of Quebec to begin early next year. [ID:nL3E7IC3N2]

* First Uranium Corp. FIU.TO: The gold and uranium producer said its board has initiated a strategic review of the company's business following a decision by South African miner Village Main Reef to sell its 26 percent interest in First Uranium. [ID:nL3E7ID0CU]

* Bear Creek (BCM.V): The miner said on Tuesday it had filed for a legal injunction to regain its license for a mining concession in southern Peru after the government cancelled it to calm protests by indigenous groups. [ID:nN1E76B25D]

$1= $0.96 Canadian Reporting by Kishan Nair; Editing by Jeffrey Hodgson

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