CANADA STOCKS-TSX may open higher on euro zone hopes

Thu Jul 21, 2011 9:06am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 July 21 (Reuters) - Toronto's main stock index looked set
to opener higher on Thursday, after draft EU summit conclusions
eased anxiety about the European debt crisis and offset the
impact of weak economic data from China.
 The euro zone bailout fund, the EFSF, will provide loans to
Greece, Ireland and Portugal at a lower interest rate and for
longer maturities, according to draft summit conclusions seen
by Reuters. [ID:nB5E7HN032]
 FACTORS TO WATCH
 * Canadian equity futures <0#SXF:> pointed to a higher
open.
 * U.S. stock index futures turned higher on Thursday after
Morgan Stanley [MS.N] reported a narrower-than-expected
quarterly loss. [.N]
 * European shares fell as fresh talk of a selective Greek
default, ahead of a meeting of euro zone leaders, combined with
weak economic data to hit investor risk appetite. [.EU]
 * Markets in Asia were largely low but Nikkei held on to
most of its strong gains made the day before, bolstered by
hopes that a debt deal for Greece will be struck.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
To receive Morning News Call - Canada -- a Reuters preview of
market moving news -- before the trading day starts, register
at link.reuters.com/wyh72s
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
 COMMODITY PRICE MOVES
 * The Thomson Reuters-Jefferies CRB index .CRB, a global
commodities benchmark, rose 0.18 percent in early trade.
 * U.S. crude oil futures rose after the dollar extended its
losses against the euro following U.S. government data showing
that jobless benefit claims rose more than expected last week.
[O/R]
 * Gold prices slipped to session lows on Thursday after the
release of draft proposals from the EU summit, which made
reference to extending EFSF loans and allowing the rescue fund
to intervene on a precautionary basis. [GOL/]
 * London copper dropped for a second day, erasing early
gains, as poor manufacturing data at top copper consumer China
countered optimism about progress in resolving debt woes in
Europe and the United States. [MET/L]
 CANADIAN STOCKS TO WATCH
 * Encana Corp. (ECA.TO: Quote): The natural gas producer posted a
second-quarter profit and said it expects to meet its full-year
cash flow target, as the company has hedged its forecast output
for the year at significantly higher prices. [ID:nL3E7IL24C]
 * Genworth MI Canada (MIC.TO: Quote): The mortgage insurer said it
expects a lower net income but a higher per-share profit in the
second-quarter, even as its U.S. parent forecast a loss in the
second quarter. [ID:nL3E7IK45Z]
 ($1= $0.95 Canadian)
 (Reporting by Kishan Nair; Editing by Jeffrey Hodgson)