June 29, 2012 / 12:53 PM / 7 years ago

CANADA STOCKS-TSX may rise on EU summit surprise; RIM to drag

June 29 (Reuters) - Canada’s main stock index was set to rise for a fourth straight session, boosted by stronger commodities, which rose after euro zone leaders agreed to measures to cut borrowing costs in Spain and Italy and recapitalise the region’s banks.


* Euro zone leaders agreed on Friday to bend their aid rules to shore up banks and bring down the borrowing costs of stricken members like Italy and Spain, in a sign the bloc is adopting a more flexible approach to solving its two-year old debt crisis.

* Research In Motion Ltd delayed the make-or-break launch of its next-generation BlackBerry phones until next year, in a devastating setback to the once-dominant technology company whose sales are crumbling.

* Euro zone inflation held steady at a 16-month low in June, in line with expectations and keeping the door open for the European Central Bank to cut interest rates as a dramatic fall in oil prices helps take the pressure off consumer prices.

* Canadian Pacific Railway named Hunter Harrison as chief executive, months after the company’s top shareholder pitched for the former CEO of rival Canadian National Railway .

* Anheuser-Busch InBev, the world’s biggest brewer, will swallow the half of Grupo Modelo it does not already own for $20.1 billion in the latest in a string of deals by big brewers looking for growth in emerging markets.


* Canada stock futures traded up 1.2 percent

* U.S. stock futures , , were up around 1 percent to 1.5 percent

* European shares, were up


* Thomson Reuters-Jefferies CRB Index : 276.57; rose 1.75 percent

* Gold Futures : $1,580.7; rose 2 percent

* US Crude : $80.35; rose 3.41 percent

* Brent Crude : $94.28; rose 3.2 percent

* LME 3-month Copper : $7,596; rose 2.86 percent


* Bombardier Inc. : The company said it will supply 210 double-deck commuter train cars for line A of the RER, the Greater Paris commuter network.

* EXFO Inc. : The telecom services provider posted a third-quarter loss, hurt by delays in spending by network operators.

* Thompson Creek Metals Co Inc. : The molybdenum miner said it expects second-quarter output to be hurt by a wall slough that occurred at its Idaho mine in May.


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

* Alexco Resource : Canaccord cuts target to C$8.50 from C$9 on valuation; rating speculative buy

* Fortis : CIBC cuts price target to C$34.50 from C$35.50 on lower earnings expectation after equity issue; NBF resumes coverage with sector perform

* Metro Inc. : Barclays reinstates with equal weight rating and price target of C$53, says company’s acquisition of Statoil Fuel & Retail could add to earnings

* Progress Energy : Canaccord Genuity cuts to hold from buy after company received offer from Petronas

* Research In Motion : CIBC cuts rating after company reported steeper-than-expected quarterly loss and announced delay in launch of its BlackBerry 10 model; 10 other brokerages cut price target


* Major Canadian economic data includes GDP and producer prices

* Major U.S. events and data includes personal income, Chicago PMI and Reuters/University of Michigan sentiment index

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