August 31, 2012 / 12:17 PM / 6 years ago

CANADA STOCKS-TSX may open higher on stimulus hopes

Aug 31 (Reuters) - Canada’s main stock index looked set to open higher on Friday ahead of a speech by U.S Federal Reserve chairman Ben Bernanke, who may acknowledge that the central bank is considering a third round of bond purchases to stimulate the economy.


* Federal Reserve Chairman Ben Bernanke will likely acknowledge the U.S. central bank is actively considering another round of monetary easing in his keynote Jackson Hole speech.

* German central bank chief Jens Weidmann’s reported threat to resign has piled pressure on European Central Bank President Mario Draghi to assuage his opposition to a new bond-buying plan without tying it up in so many knots it is rendered ineffective.

* Euro zone inflation jumped more than expected in August, data showed, likely reducing chances that the European Central Bank will cut interest rates next Thursday.

* A Tokyo court ruled that Samsung Electronics’ mobile devices did not violate an Apple Inc patent involved in synching mobile devices and computers, awarding the South Korean maker a victory a week after it lost a bruising landmark patent case in the U.S.

* German retail sales fell unexpectedly in July, slipping by 0.9 percent in real terms month-on-month, preliminary data showed on Friday, as consumers feeling the squeeze from higher fuel prices cut back on other items.


* Canada stock futures traded up 0.43 percent

* U.S. stock futures , , were up around 0.6 percent

* European shares, were up


* Thomson Reuters-Jefferies CRB Index : 307.67; rose 0.38 percent

* Gold futures : $1,657.3; rose 0.23 percent

* US crude : $95.27; rose 0.7 percent

* Brent crude : $113.3; rose 0.58 percent

* LME 3-month copper : $7,597.25; rose 0.39 percent


* National Bank of Canada : The bank said on Thursday its third-quarter profit rose 13 percent, driven by steady gains in loan volumes and trading revenues.

* Canadian Western Bank : Larry Pollock, Canada’s longest-serving bank CEO, will step down as CEO of Canadian Western Bank next year after 23 years running the company, the bank said on Thursday.


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

* Canadian Western Bank : CIBC ups target to C$30 from C$29, after the bank reported third-quarter cash earnings ahead of estimates

* CIBC : Barclays raises price target to C$77 from C$76 citing better-than-expected third-quarter earnings on the back of a strong contribution from domestic retail

* RBC : Barclays raises price target to C$53 from C$52, CIBC raises target to C$58 from C$56 after the bank reported stronger-than-expected third-quarter earnings

* TD Bank : NBF raises price target to C$94 from C$93 after the bank increased its target dividend payout range to 40-50 percent from 35-45 percent and reported better-than-expected third-quarter earnings

* Tourmaline Oil : CIBC ups target to C$35 from C$33 following the close of C$117 million equity financing


* Major Canadian economic data includes GDP

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

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