July 29, 2011 / 12:32 PM / 8 years ago

TSX may open lower on deadlock over US debt accord

July 29 (Reuters) - Toronto’s main stock index looked set to open lower on Friday as U.S. lawmakers failed to break a deadlock on an agreement to avert a catastrophic debt default, sending equity investors into safe havens.


* Canadian equity futures <0#SXF:> pointed to a lower open.

* U.S. stock index futures fell after lawmakers in Washington delayed a vote on a Republican proposal to raise the U.S. government’s debt limit. [.N]

* European stocks dropped, extending their weeklong slide as U.S. lawmakers failed to break a deadlock over raising the debt ceiling, fuelling fears of a default by the world’s biggest economy. [.EU]

* Asian markets fell with Tokyo shares falling for a third straight-day on a crumbling earnings outlook from Nintendo. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

To receive an early e-mail of Reuters Morning News Call - Canada — a preview of market moving news — Thomson Reuters subscribers can register at [CA/MNC] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.48 percent in early trade.

* Oil held around $117 but the trend was downwards as investors and traders awaited a resolution to the debt situation in the United States, which is still deadlocked ahead of the Aug. 2 deadline to raise the U.S. debt limit. [O/R]

* Gold was little changed as the dollar rose against the euro after Moody’s threatened to cut Spain’s credit rating, although uncertainty about the U.S. debt impasse supported bullion after Republicans delayed a vote on a debt plan. [GOL/]

* Copper surged to its highest in more than three months as jitters about supplies from top producer Chile spurred investor buying while uncertainty about the U.S. debt crisis capped gains. [MET/L]


* Teck Resources Ltd. TCKa.TO TCKb.TO: The diversified miner said on Thursday its second-quarter adjusted profit rose 91 percent, largely due to higher coal and copper prices. [ID:nN1E76R1VA]

* TransCanada Corp. (TRP.TO): The oil and gas pipeline operator said on Thursday a key leg of its $7 billion Keystone XL project could be completed by the end of next year, if the controversial project receives U.S. regulatory approvals by the end of December. [ID:nN1E76R1PT]

* Silver Wheaton Corp. SLW.TO: The company lowered its full year attributable production outlook on Thursday, blaming a slow ramp-up at Goldcorp’s (G.TO) Penasquito mine in Mexico. [ID:nN1E76R20B]

* Torstar Corp (TSb.TO): The company’s quarterly profit rose helped partly by higher revenue from the digital media segment. [ID:nL3E7IT2W1]

* Centerra Gold Inc. (CG.TO): The gold miner’s second-quarter profit more than doubled driven by higher gold prices. [ID:nL3E7IS64N]

* Norbord Inc. NBD.TO: The wood panels maker posted a posted a huge drop in second-quarter profit, hurt by weak oriented strand board prices and declining home construction activity in the U.S. [ID:nL3E7IT2PZ]

* Fairfax Financial Holdings (FFH.TO): The property and casualty insurer’s second-quarter profit rose from a year earlier mainly due to increases in its stock and bond portfolios. [ID:nN1E76Q249]

* Genworth MI Canada (MIC.TO): The mortgage insurer’s second-quarter profit fell marginally on lower net premiums earned. [ID:nL3E7IS5ZH]

* CE Franklin Ltd. CFT.TO: The oilfield equipment distributor posted a second-quarter profit helped by a rise in drilling activity and higher well completions. [ID:nL3E7IS5SD]


Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

* Altagas Ltd (ALA.TO) price target raised to C$26 from C$25.50; rating sector perform at National Bank

* Cequence Energy Ltd (CQE.TO) price target raised to C$4.50 from C$4.25; rating sector perform at National Bank

* TransAlta Corp (TA.TO) price target raised to C$19.50 from C$19; rating underperform at National Bank ($1= $0.95 Canadian) (Reporting by Anil Kumar)

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