Oct 16 (Reuters) - Canada’s main stock index futures pointed to a higher open on Wednesday on hopes that the U.S. politicians will soon strike a deal to prevent the world’s largest economy from defaulting on its debt.
* The U.S. Senate prepared for a last ditch effort to avoid a historic lapse in the government’s borrowing authority, a breach that President Barack Obama has said could lead to default and deliver a damaging blow to the global economy.
* Bank of America Corp reported a third-quarter profit of $2.22 billion, compared with a loss a year earlier, as provisions for credit losses fell.
* PepsiCo Inc reported higher quarterly earnings and said it was on track to meet its financial goals for the year, despite global economic pressures.
* BNY Mellon Corp reported a higher-than-expected quarterly profit on rising fees from managing money, increased mutual fund balances and strength in foreign currency trading.
* SNC-Lavalin Group Ltd : The construction and engineering company slashed its full-year profit forecast after it took a nearly C$75 million charge due to previously signed contracts in North Africa and in the hospital and road sectors that turned unprofitable.
* Canada stock futures traded up 0.13 percent
* U.S. stock futures , , were up around 0.29 percent to 0.44 percent
* European shares, were down COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 286.964; rose 0.03 percent
* Gold futures : $1,278.2; rose 0.41 percent
* US crude : $101.08; fell 0.13 percent
* Brent crude : $109.65; fell 0.28 percent
* LME 3-month copper : $7,195.25; fell 0.62 percent CANADIAN STOCKS TO WATCH
* Kinross Gold Corp : The company will keep its main expansion in Mauritania on hold to 2015, no matter how far the gold price rises, as it plans to save rather than spend for now, its CEO Paul Rollinson told Reuters.
* TransCanada Corp : Continental Resources Inc said it would be open to talks with the Keystone XL pipeline project on it carrying a greater amount of domestic U.S. oil instead of Canadian crude. ANALYSTS’ RECOMMENDATIONS
Following is a summary of research actions on Canadian companies reported by Reuters.
* Amica Mature Lifestyles Inc : CIBC raises price target to C$9.50 from C$9.25 after the company reported first-quarter FFO that was in line with expectations
* Bombardier Inc : CIBC raises price target to C$6.25 from C$5.75, says as the company executes its game plan, derisking the story for investors, its share price and valuation are expected to grind higher
* TMX Group Ltd : National Bank Financial cuts price target to C$44 from C$47, expects financing activity to remain relatively weak for the balance of the year
* Uni-Select Inc : National Bank Financial raises price target to C$24 from C$22 as the company’s action plan for U.S. automotive is progressing at an encouraging pace
* Whitecap Resources Inc : Canaccord Genuity raises target price to C$14 from C$13.50 after the company increased modestly its 2013 capital spending and annual average production guidance; on the back of stronger than expected drilling results in the third quarter ON THE CALENDAR
* Major Canadian economic data includes manufacturing sales