January 30, 2014 / 1:34 PM / 6 years ago

CANADA STOCKS-TSX may open lower, Fed decision weighs

Jan 30 (Reuters) - Canada’s main stock index pointed to a lower open on Thursday following the U.S. Federal Reserve’s decision to continue scaling back bond purchases despite emerging market turmoil.


* Potash Corp of Saskatchewan reported a sharply lower quarterly profit and produced 2014 forecasts that were below Wall Street expectations.

* Facebook Inc delivered its strongest revenue growth in two years, beating Wall Street targets as the Internet company’s mobile ad sales continued to accelerate.

* The Federal Reserve on Wednesday decided to trim its bond purchases by another $10 billion as it stuck to a plan to wind down its extraordinary economic stimulus despite recent turmoil in emerging markets.

* ConocoPhillips, the largest U.S. oil company without refining operations, said its fourth-quarter profit rose, helped by the sale of its Algerian business and other assets.

* Visa Inc, the world’s largest credit and debit card company, reported a 9 percent rise in quarterly profit as more people used its cards.


* Canada stock futures traded down 0.03 percent

* U.S. stock futures , , were up around 0.31 to 0.4 percent

* European shares, were down


* Thomson Reuters-Jefferies CRB Index : 284.3311; fell 0.23 percent

* Gold futures : $1,253; fell 0.74 percent

* US crude : $97.84; rose 0.49 percent

* Brent crude : $107.9; rose 0.05 percent

* LME 3-month copper : $7,110; fell 0.24 percent


* Enbridge Inc : Enbridge Income Fund Holdings , the fund controlled by the company, said on Wednesday it will build a C$25 million crude oil pipeline connection to the Cromer, Manitoba, rail terminal owned by Tundra Energy Marketing Ltd.

* Osisko Mining : The company said on Wednesday it has sued Goldcorp Inc in an attempt to foil the gold miner’s C$2.6 billion hostile bid, alleging that its suitor misused confidential information.

* Sears Canada Inc : The struggling department store operator said it would cut 624 jobs as it reorganizes its business.


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

* AGF Management Ltd : CIBC cuts price target to C$12.50 from C$13.50, says the company’s fund performance was dismal and there is no real likelihood of asset growth in 2014

* Canadian Pacific Railway Ltd : BMO raises price target to C$180 from C$172 on the company’s largely in-line quarterly results, projects revenue growth in light of a favourable shift in the US$/CDN$ exchange rate

* Nuvista Energy Ltd : CIBC raises to sector outperformer from sector performer and raises target price to C$10.50 from C$9.50 citing an improved outlook, a possibility of the company’s internally funding growth in the year ahead and an increase in economies from its wells


* No major economic events scheduled in the day

* Major U.S. events and data includes initial and continuing claims, pending home sales and real GDP data

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