October 24, 2012 / 12:27 PM / 6 years ago

CANADA STOCKS-TSX may open higher on upbeat China data

Oct 24 (Reuters) - Toronto’s main stock index looked set to open higher on Wednesday as encouraging Chinese data eclipsed worries about weak corporate earnings and disappointing euro zone data.


* China’s economy is making a slow, steady recovery from its weakest period of growth in three years, a survey of purchasing managers signaled on Wednesday, with new orders and output at their highest in months.

* The U.S. Federal Reserve appears intent to stick to its bond-buying stimulus, having already indicated it would take more than a modest show of economic strength for policymakers to begin taking their foot off the gas.

* Teck Resources Inc, Canada’s largest diversified miner, reported a 78 percent fall in quarterly profit attributable to shareholders due to lower coal and metal prices, and it cut capital spending target for the year.

* Encana Corp, Canada’s largest gas producer, posted a third-quarter loss as it recorded a $1.19 billion after-tax impairment charge related to a fall in natural gas prices.

* Canadian Pacific reported a 20 percent increase in third-quarter profit as freight revenue increased.

* Rogers Communications Inc, Canada’s largest mobile phone company, reported higher adjusted profit on Wednesday, as new smartphone subscribers boosted wireless revenue.


* Canada stock futures traded up 0.11 percent

* U.S. stock futures , , were up around 0.3 percent

* European shares, were up


* Thomson Reuters-Jefferies CRB Index : 300.00; was fell 0.09 percent

* Gold futures : $1,708.3; were unchanged

* US crude : $86.79; rose 0.14 percent

* Brent crude : $108.76; rose 0.47 percent

* LME 3-month copper : $7,870.25; rose 0.5 percent


* Celestica Inc. : The contract electronics manufacturer reported a 13 percent lower third-quarter profit on weaker demand across its segments and said it expects margins to come under pressure in the first half of 2013.

* Nexen Inc. : China’s top offshore oil and gas producer CNOOC Ltd said it was still working to secure Canadian approval for its $15.1 billion bid for Nexen.


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

* Brookfield Canada Office Properties : CIBC raises target to C$31 from C$30.50 on higher third-quarter funds from operations and its urban-focused portfolio.

* Parkland Fuel Corp. : Canaccord Genuity raises price target to C$18 from C$17 on expectations of healthy third-quarter earnings growth.

* Royal Bank of Canada : Canaccord Genuity raises price target to C$63 from C$62 citing the bank’s acquisition of Ally Financial’s Canadian auto finance business, which may move the bank from the #3 to the #1 position in Canadian auto financing.

* Rona Inc. : National Bank Financial cuts price target to C$12 from C$13; says housing market is cooling and lower likelihood of an acquisition in one year.

* Zodiac Exploration Inc. : Canaccord Genuity raises price target to C$0.15 from C$0.10; says deal with Aera Energy is positive for the company as it will advance development of the Monterey and Kreyenhagen resource plays.


* No major Canadian economic data scheduled for release

* Major U.S. events and data include Federal Reserve rate decision and Markit manufacturing PMI

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