April 17, 2012 / 12:42 PM / in 6 years

CANADA STOCKS-TSX may open up with commodities on Europe hopes

April 17 (Reuters) - Toronto’s resource heavy main stock index looked set to open higher on Tuesday, as commodities rose on improving investor sentiment about Europe’s economy.

The Bank of Canada looks set to not touch interest rates but will likely keep with the more hawkish tone it has adopted in the past month and may even add an explicit mention of eventual rate increases.

TOP STORIES

* German analyst and investor sentiment rose unexpectedly in April, a survey showed, boosting hopes that Europe’s biggest economy is recovering from a weak spell.

* Goldman Sachs Group Inc’s first-quarter earnings fell from a year earlier but were better than many analysts had anticipated thanks to aggressive cost-cutting and better-than-expected investment banking and trading revenues.

* Rio Tinto reported worse-than-expected falls in iron ore, copper and coal production in the first quarter after it was hit by bad weather, knocking the global miner’s shares lower on Tuesday.

* Luxury jeweler and watchmaker Harry Winston Diamond Corp said production at its Diavik mine in Canada’s Northwest Territories was up about 19 percent in the first quarter on improved grades.

* Research In Motion : The BlackBerry maker is considering hiring a financial adviser to weigh its strategic options, Bloomberg News said on Monday, citing three sources with knowledge of the matter.

MARKET SNAPSHOT

* Canada stock futures traded up 0.64 percent

* U.S. stock futures , , were up around 0.50 percent.

* European shares, rose.

COMMODITY PRICE MOVES

* Thomson Reuters-Jeffries CRB Index : 301.66; rose 0.3 percent

* Gold Futures : $1,653; rose 0.06 percent

* US Crude : $103.93; rose 0.97 percent

* Brent Crude : $118.26; fell -0.35 percent

* LME 3-month Copper : $8,009.75; rose 0.05 percent

CANADIAN STOCKS TO WATCH

* Energy Fuels Inc. : The company said it is looking to buy the U.S. mining assets of Denison Mines Corp in an all-stock transaction valued at C$106 million.

* SouthGobi Resources Ltd. : Deloitte & Touche LLP resigned as auditor of the coal miner on its own initiative prior to the expiry of its term of office.

ANALYST RECOMMENDATIONS

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

* ARC Resources : Barclays cuts price target to C$23 from C$27, rating equal weight

* Baytex Energy : Barclays cuts price target to C$61 from C$64, rating overweight

* Bonavista Energy : Barclays cuts price target to C$20 from C$26

* Crescent Point Energy : Barclays cuts price target to C$49 from C$51

* TransAlta Corp. : Canaccord Genuity cuts price target to C$22 from C$23

* Trelawney Mining and Exploration : RBC cuts to sector perform from outperform; RBC cuts price target to C$3.50 from C$5

* Trilogy Energy Corp. : Barclays cuts price target to C$33 from C$41

ON THE CALENDAR

* Major Canadian economic data includes manufacturing sales and Bank Of Canada rate decision and Monetary Policy Report

* Major U.S. events and data includes Housing starts and Industrial output data

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