June 26, 2013 / 1:02 PM / 4 years ago

CANADA STOCKS-TSX set to edge higher at open; U.S. data weighs

June 26 (Reuters) - Canada’s main stock index looked set to open higher on Wednesday, helped by recent central bank efforts to calm skittish markets, but gains were expected to be limited by weaker-than-forecast U.S. economic data.

TOP STORIES

* U.S. stock index futures slightly pared gains after the final read on first-quarter gross domestic product came in weaker than expected.

* After a 12-year hiatus, the United States reclaimed first place among top executives in a survey on foreign direct investment sentiment, displacing China as it makes progress toward sustainable and steady economic growth, a study showed.

* Markets over-reacted to the Federal Reserve’s plan to stop money printing but volatility is inevitable and should not deter other central banks from doing the same when the time is right, the head of the Bank for International Settlements said.

* An exit from the European Central Bank’s exceptional monetary policy measures remains distant, ECB President Mario Draghi reiterated, soothing unnerved markets after the U.S. Federal Reserve laid out a plan to reel in stimulus.

* China’s financial markets calmed down after days of turmoil thanks to the central bank’s pledge to prevent a credit crunch, but stocks struggled as investors braced for tougher conditions in the world’s second-largest economy.

MARKET SNAPSHOT

* Canada stock futures traded up 0.17 percent

* U.S. stock futures , , were up around 0.40 percent to 0.73 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 277.831; fell 0.25 percent

* Gold futures : $1,230.7; fell 3.46 percent

* US crude : $95.07; fell 0.26 percent

* Brent crude : $101.3; rose 0.04 percent

* LME 3-month copper : $6,740.75; fell 0.8 percent

CANADIAN STOCKS TO WATCH

* Talisman Energy Inc : The company has drilled a dry well in the Frode prospect in the North Sea, license partner North Energy said. It holds 31.5 percent in production license 299, while partners Cairn Energy has 28.5 percent, Dong and North Energy 20 percent each.

* TransCanada Corp : Canada does not think there would be a net increase in carbon emissions if TransCanada builds its proposed Keystone XL pipeline from Alberta’s oil sands to Texas, Natural Resources Minister Joe Oliver said on Tuesday.

ANALYSTS’ RECOMMENDATIONS

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

* Barrick Gold Corp : Credit Suisse cuts price target to $20 from $36 due to the confluence of gold price uncertainty, debt and potential write-downs which reduce the risk or reward profile for the company.

* CML Healthcare Inc : CIBC raises price target to C$10.75 from C$8.25 on valuation of the company’s deal with LifeLabs.

* TMX Group Ltd : National Bank Financial cuts price target to C$46 from C$52, says several factors like lackluster trading activity in all asset classes and weak equity financing volumes will weigh on earnings growth and prevent a re-rating of the shares.

ON THE CALENDAR

* No major Canadian economic data scheduled for the day

* Major U.S. events and data includes mortgage index, gross domestic product, PCE prices and building permits 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