July 17, 2012 / 12:37 PM / 7 years ago

CANADA STOCKS-TSX may open higher, Fed and BOC eyed

July 17 (Reuters) - Toronto’s main stock index looked set to open higher on Tuesday, on hopes that Federal Reserve Chairman Ben Bernanke might hint at delivering more monetary stimulus even as the Bank of Canada is expected to keep interest rates unchanged.


* Federal Reserve Chairman Ben Bernanke serves up a new set of clues this week that might help solve one of the thorniest riddles for the world economy: what will it take to make the U.S. central bank ease monetary policy further?

* Analysts unanimously expect the Bank of Canada to hold its main policy rate at 1 percent on July 17, but the real focus will be on whether it will repeat, dilute or omit the message that it may soon need to raise the rate.

* German analyst and investor sentiment dropped for a third consecutive month in July but slightly less than expected, adding to hopes that Europe’s largest economy remains resilient despite a string of weaker data in June, a survey showed.

* British inflation fell to its lowest in more than two and a half years in June helped by early summer sales of clothes and shoes, official data showed on Tuesday, suggesting consumers will be able to spend more and give a rare helping hand to the economy.

* Yahoo Inc picked Google’s Marissa Mayer to become its new CEO, turning to an engineer with established Silicon Valley credentials to turn around the struggling former Internet powerhouse.


* Canada stock futures traded up 0.32 percent

* U.S. stock futures , , were up around 0.32 percent

* European shares, were up


* Thomson Reuters-Jefferies CRB Index : 296.35; rose 0.13 percent

* Gold futures : $1,596; rose 0.3 percent

* US crude : $88.73; rose 0.34 percent

* Brent crude : $104.51; rose 1.1 percent

* LME 3-month copper : $7,677.7; fell 0.15 percent


* AuRico Gold Inc. : The company said CEO René Marion resigned for health reasons and was replaced by Scott Perry. Perry joined the gold miner as chief financial officer in February 2008.

Separately, the gold miner cut its 2012 production outlook on Monday as a high turnover of skilled laborers at its Ocampo mine in northern Mexico weighed on gold and silver output.

* Onex Corp. : The machinists’ union said on Monday it filed papers in U.S. bankruptcy court challenging efforts by bankrupt jet maker Hawker Beechcraft to sell itself to a Chinese company, alleging the move could cost jobs and threaten U.S. national security.


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

* CIBC downgrades Baytex Energy to sector performer from outperformer, Anderson Energy to sector underperformer from performer, Bonterra Energy to sector performer from outperformer, others on reduced Brent estimates

* Enbridge : Barclays raises price target to C$45 from C$41 and upgrades to overweight from equal weight, expects the company to generate double-digit growth

* AG Growth : National Bank Financial cuts price target to C$32.50 from C$37.50 and downgrades to underperform from sector perform on reduced U.S. corn yield expectations

* US Geothermal : Canaccord Genuity cuts price target to C$0.80 from C$1.25 and downgrades to speculative buy from buy after the company reported lower-than-expected results for 2012 fiscal year

* Rockwell Diamonds : Northland Capital cuts target to C$61 from C$76 and rates buy


* Major Canadian economic data includes BOC rate decision and manufacturing sales

* Major U.S. events and data includes consumer price index, industrial output and net capital inflows data

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