June 3, 2013 / 12:47 PM / 4 years ago

CANADA STOCKS-TSX may open higher, euro zone data cheers

June 3 (Reuters) - Canadian stock futures pointed to a higher open on Monday as investors shifted focus from disappointing Chinese factory data to better-than-expected euro zone manufacturing data which showed the downturn eased markedly last month.

TOP STORIES

* Euro zone manufacturing contracted again last month, although at a slightly slower pace, while Asian factories lost momentum, underlining the somber prospects for the world economy in the second quarter.

* San Francisco Federal Reserve Bank President John Williams reiterated his view that an improving U.S. economy would allow the Federal Reserve to pare back its stimulatory bond buying, but low inflation needed to be closely watched.

* CVTech Group Inc, which provides services to electric utilities, said it had received and rejected multiple takeover offers from a New York Stock Exchange-listed electrical contractor, after its second largest shareholder wrote to investors that the company was withholding that information.

* Bombardier said on Sunday its new CSeries passenger jet was in good shape to make its crucial maiden flight by the end of June as it prepares to unveil orders for the more fuel efficient jet at the Paris air show.

* A long-running fight comes to a head on Monday when court proceedings begin over an $8.5 billion settlement between Bank of America Corp and investors in mortgage securities that turned sour in the financial crisis.

MARKET SNAPSHOT

* Canada stock futures traded up 0.32 percent

* U.S. stock futures , , were up around 0.32 to 0.43 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 284.01; rose 0.58 percent

* Gold futures : $1,396.3; rose 0.27 percent

* US crude : $92.83; rose 0.94 percent

* Brent crude : $101.83; rose 1.43 percent

* LME 3-month copper : $7,368; rose 0.81 percent

CANADIAN STOCKS TO WATCH

* Barrick Gold Corp : The gold miner has paid a discounted $11.6 million fine for serious environmental violations at its suspended Pascua-Lama gold project, a spokesperson for the company said on Friday.

* Centerra Gold : The company said on Saturday it had sent fuel to its flagship Kumtor mine in Kyrgyzstan, hoping to restore output cut by protests and power outages as local villagers demand the venture be nationalized.

ANALYSTS' RECOMMENDATIONS

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

* Lululemon Athletica Inc : Canaccord Genuity raises target price to $92 from $87, believes Q2 comps will benefit from pent-up demand.

* Canfor Corp : RBC raises to outperform from sector perform; raises price target to C$21 from C$20, with the belief that the lumber markets have now bottomed.

ON THE CALENDAR

* Major Canadian economic data includes RBC manufacturing PMI

* Major U.S. events and data includes manufacturing PMI, construction spending, ISM and domestic sales data

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below