CANADA STOCKS-TSX may open higher as Yellen pick provides relief

Wed Oct 9, 2013 8:13am EDT
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Oct 9 (Reuters) - Canadian stock index futures pointed to a higher open on Wednesday on news that U.S. President Barack Obama has tapped Janet Yellen to head the Federal Reserve, though concerns over the impact of a budget deadlock could put a lid on gains.


* U.S. President Barack Obama will nominate Fed number two Janet Yellen to run the U.S. central bank, providing some relief to markets that would expect her to tread carefully in winding down economic stimulus. Also, Obama refused to give ground in a fiscal confrontation with Republicans on Tuesday, saying he would negotiate on budget issues only if they agree to re-open the federal government and raise the debt limit with no conditions.

* British industrial output suffered an unexpected fall in August as factories cut production, casting some doubt on the positive message about the economy from private-sector surveys.

* Costco Wholesale Corp posted a 1 percent rise in quarterly profit and a three percent increase in its same-store sales for the month of September.

* Aluminium producer Alcoa Inc reported better than expected earnings on Tuesday, as strength at the unit that sells auto parts and other complex items helped offset lower metal prices.

MARKET SNAPSHOT   Continued...