July 17, 2013 / 12:28 PM / 4 years ago

CANADA STOCKS-TSX may open higher ahead of Bernanke's testimony

July 17 (Reuters) - Canada’s main stock index looked set to open higher on Wednesday as investors await clues on the life of the U.S. central bank’s $85-billion-a-month bond-buying program from Federal Reserve Chairman Ben Bernanke when he testifies to a congressional panel later in the day.

TOP STORIES

* Bank of England Governor Mark Carney and fellow policymakers voted unanimously against more bond purchases earlier this month, surprisingly setting aside their differences ahead of a review on giving guidance about future interest rates.

* Bank of America Corp reported a 70 percent rise in second-quarter profit, helped partly by lower operating expenses.

* BNY Mellon Corp said second-quarter revenue and profit surged on a $184 million pre-tax gain from an equity investment.

* Mattel reported a far weaker-than-expected profit as sales of Barbie dolls fell again, highlighting the iconic brand’s struggle to stay relevant.

* Yahoo Inc trimmed its outlook for 2013 revenue after revealing a sharp 12 percent slide in ad prices in the second quarter, signs that CEO Marissa Mayer’s attempts to revive the struggling Internet giant may not produce quick results.

MARKET SNAPSHOT

* Canada stock futures traded up 0.06 percent

* U.S. stock futures , , were up around 0.01 percent to 0.12 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 288.9113; fell 0.04 percent

* Gold futures : $1,287.8; fell 0.26 percent

* US crude : $106.02; rose 0.02 percent

* Brent crude : $108.02; fell 0.11 percent

* LME 3-month copper : $6,942.5; fell 0.79 percent

ANALYSTS’ RECOMMENDATIONS

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

* Agrium Inc : Canaccord Genuity cuts target price to $115 from $118 on valuation.

* Midway Gold Corp : Canaccord Genuity cuts to sell from speculative buy due to the impact of the precious metal forecast revision.

* Quebecor Inc : National Bank Financial raises target to C$53 from C$52, assumes that nearly half of the company’s savings will be mitigated by evolving top-line pressures as well as investments in digital initiatives

ON THE CALENDAR

* Major Canadian economic data includes Canadian and foreign securities and BOC rate decision

* Major U.S. events and data includes housing starts and building permits

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