September 6, 2013 / 1:04 PM / 4 years ago

CANADA STOCKS-TSX may open higher after data cools Fed fears

Sep 6 (Reuters) - Canada’s main stock index looked set to open higher on Friday after U.S. data showed job growth was less than expected in August, which could delay the Federal Reserve scaling back its massive monetary stimulus later this month.

Separately, Canada’s economy churned out a surprising 59,200 jobs in August, according to Statistics Canada estimates released on Friday, with most of the gains in part-time work and led by the health care and social assistance sector.

TOP STORIES

* U.S. President Barack Obama faced growing pressure from Russia’s Vladimir Putin and other world leaders on Thursday to decide against launching military strikes in Syria, which many of them fear would hurt the global economy and push up oil prices.

* German exports fell unexpectedly in July but imports rose, underscoring that the domestic economy will be key for growth in Germany this year as a weak global environment makes selling goods abroad hard.

* Ford Motor Co Chief Executive Alan Mulally, credited with driving a culture change that helped save the No. 2 U.S. automaker, may step down sooner than planned, according to people with knowledge of the matter.

* Japan’s biggest mobile carrier NTT DoCoMo Inc is expected to start selling iPhones as soon as autumn, helping Apple Inc extend its reach in a country where it has more than three times the market share of rival Samsung Electronics Co Ltd.

MARKET SNAPSHOT

* Canada stock futures traded higher

* U.S. stock futures , , rose

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 292.3503; rose 0.37 percent

* Gold futures were higher

* US crude : $109.06; rose 0.64 percent

* Brent crude : $115.81; rose 0.48 percent

* LME 3-month copper : $7,196.25; rose 1.24 percent

CANADIAN STOCKS TO WATCH

* Agrium Inc : Canadian regulators have approved Glencore Xstrata PLC’s sale of some Viterra farm retail stores to the fertilizer company in a deal that will make Agrium the dominant farm retailer in Canada.

ANALYSTS’ RECOMMENDATIONS

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

* Ainsworth Lumber Co Ltd : CIBC cuts to sector performer from sector outperformer on Louisiana-Pacific Corp’s offer to acquire the company, does not expect a topping bid.

* Descartes Systems Group Inc : CIBC raises target price of U.S.-listed shares to $11.50 from $10.75 after the company reported in-line second-quarter results, says it is well-managed and has a sound business model which generates strong growth.

* Genworth MI Canada Inc : CIBC cuts to sector performer from sector outperformer on valuation after factoring in the changing Canada housing market and the company’s potential return to the price target.

* Nordion Inc : CIBC raises price target to C$9.25 from C$8.75 after the company’s better-than-expected third-quarter results and its ongoing strategic review.

ON THE CALENDAR

* Major Canadian economic data includes Canadian employment and Ivey PMI data

* Major U.S. events and data includes non-farm payrolls, unemployment rate and ECRI weekly index

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