May 27, 2013 / 12:27 PM / 4 years ago

CANADA STOCKS-TSX may open lower as investors turn cautious

May 27 (Reuters) - Canada’s main stock index looked set to open lower, but volumes were expected to be light with the U.S. market closed for a holiday.

TOP STORIES

* The European Central Bank will stick to its expansive monetary policy for as long as necessary though it should be wary of dropping its deposit rate below zero, Executive Board member Joerg Asmussen said.

* China’s industrial profits growth quickened in April from the previous month, though the government noted that the pickup was due mainly to a low comparative base, indicating that the world’s second largest economy still faces slack domestic and external demand.

* A rift within the Bank of Japan’s board over how to steer its radical monetary stimulus to end nearly two decades of damaging deflation underlined the early challenges Governor Haruhiko Kuroda faces in his efforts to foster sustained growth.

* The European Commission is investigating whether Apple Inc is using anti-competitive iPhone sales tactics and technical restrictions to squeeze out rival smartphone makers from the European market, according to documents seen by the Financial Times.

* French bank Societe Generale’s Russian unit Rosbank has dismissed CEO Vladimir Golubkov following his prosecution for bribery and will launch a search for a successor, it said.

MARKET SNAPSHOT

* Canada stock futures traded down 0.07 percent

* European shares, were up

COMMODITY PRICE MOVES

* The price of gold was firmer

* Brent crude : $102.37; fell 0.26 percent

* LME 3-month copper : $7299.15; fell 0.23 percent

ANALYSTS’ RECOMMENDATIONS

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

* Alaris Royalty : NBF raises price target to C$33 from C$31, says exposure to the resource space provides the company with better cash flow diversification in a reasonably low-risk manner.

* Santonia Energy Inc : NBF raises to outperform from sector perform, says the company’s balance sheet remains in excellent shape following corporate restructuring last year.

ON THE CALENDAR

* No major Canadian economic data scheduled

* US markets remained closed in observance of Memorial Day

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