September 11, 2012 / 12:47 PM / 6 years ago

CANADA STOCKS-TSX may open higher; Fed, German court eyed

Sep 11 (Reuters) - Canada’s main stock index looked set to open higher on speculation the Federal Reserve will announce another bond buying program this week, despite some caution ahead of a German ruling on the euro zone’s new bailout fund.


* Germany’s Constitutional Court will go ahead with a long-awaited ruling on Wednesday on the legality of the euro zone’s new permanent bailout fund and budget rules, despite a last-minute legal challenge by a member of parliament.

* Deutsche Bank will not ask its shareholders for new capital but instead shrink its balance sheet and cut costs to meet stricter regulations, it said, pleasing investors who pushed the stock up over one percent.

* The U.S. government cut its stake in American International Group Inc to about 21.5 percent, making a profit of $12.4 billion on the insurer’s crisis-era bailout and bringing the unpopular rescue closer to its end.

* Philips Electronics stepped up its cost-cutting drive and said more jobs would go as part of a drastic overhaul of its business, which began to turn around in the first half after losing 1.3 billion euros in 2011.

* The next generation iPhone 5, which Apple Inc. plans to release this week, could not only boost the tech giant’s bottom line - but could give a significant boost to the overall U.S. economy.


* Canada stock futures traded up 0.44 percent

* U.S. stock futures , , were up around 0.35-0.43 percent

* European shares, were down


* Thomson Reuters-Jefferies CRB Index : 313.68; rose 0.14 percent

* Gold futures : $1,728.7; were little changed

* US crude : $96.68; rose 0.15 percent

* Brent crude : $114.86; rose 0.04 percent

* LME 3-month copper : $8,084; rose 0.2 percent


* NuVista Energy Ltd. : The oil and natural gas company said it will sell three properties in Alberta and Saskatchewan in Canada for about C$236 million to repay debt.


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

* Talisman Energy Inc. : SocGen raises to hold from sell; target to C$15 from C$11 and Canaccord Genuity ups target to $16.50 from $15 after the oil company ousted CEO John Manzoni and appointed Hal Kvisle.

* Nordion Inc. : Canaccord Genuity cuts price target to $11 from $13 after an arbitration panel rejected the medical isotope supplier’s claim for damages from its main supplier.

* Canadian Satellite Radio Inc. : Canaccord Genuity ups target to C$5.60 from C$4.75 after the company’s proposed increase to the monthly basic service rate and the upcoming roll-out of the ‘Best of’ programming.


* Major Canadian economic data includes housing starts and trade balance

* Major U.S. data includes international trade and IBD consumer confidence

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