November 28, 2011 / 1:18 PM / 7 years ago

TSX may open up as commods rise on euro zone hopes

Nov 28 (Reuters) - Toronto’s main stock index was set to open higher on Monday as commodity prices rose on hopes that Europe will unveil fresh measures to tackle the region’s growing debt crisis.


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

* U.S. stock index futures jumped on optimism over the latest round of proposals out of Europe to corral the growing euro zone debt crisis. [.N]

* European shares jumped, led by bank and insurance stocks on hopes euro zone leaders will unveil fresh measures to fight the region’s debt crisis, ahead of a summit next week. [.EU] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 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, rose 1.54 percent in early trade.

* Oil rose sharply, with U.S. crude futures climbing above $100 per barrel as concerns of a supply disruption from the Middle East overshadowed worries over oil demand growth and a worsening economic outlook for the euro zone. [O/R]

* Gold rose above $1,700 to its highest level in a week, helped by a strong euro and gains in equity markets, and hopes Europe will unveil fresh measures to tackle the region’s growing debt crisis. [GOL/]

* Copper rallied to its highest in a week amid hopes about Europe, although the metal remained vulnerable ahead of European bond auctions later in the day. [MET/L]


* Cameco Corp (CCO.TO): The uranium miner said it is backing out of a bidding war for Hathor Exploration HAT.TO after Anglo-Australian miner Rio Tinto sweetened its bid to C$654 million. [ID:nN1E7AR0BF]

* Cominar Real Estate Investment Trust (CUF_u.TO): The company plans to buy units of Canmarc REIT CMQ_u.TO it does not already own, in a deal that values the latter at C$1.07 billion. [ID:nL4E7MS1XG]

* Bombardier Inc. (BBDa.TO) (BBDb.TO): The company’s train unit received a contract to make railway equipment for India’s Mumbai Railway Vikas Corp. [ID:nL4E7MS1WA]

* Imperial Oil Ltd. (IMO.TO): The company and Ottawa have resumed talks over a financial support package for the Mackenzie gas pipeline in the Far North, but Imperial would not say if it was any closer to proceeding with the C$16.2 billion project.[ID:nN1E7AO1GI]


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

* Advantage Oil & Gas (AAV.TO): coverage started with outperform; price target C$7.75 at National Bank Financial

* Arcan Resources Ltd ARN.V: rating cut to sector performer from sector outperformer; price target cut to C$7.25 from C$8 at CIBC

* Arianne Resources Inc (DAN.V): coverage started with outperform; price target C$1.39 at National Bank Financial

* Avalon Rare Metals Inc (AVL.TO): coverage started with buy rating; price target C$6 at Citigroup ($1= $1.03 Canadian) (Reporting By Chandra Ramarathnam)

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