July 9, 2013 / 12:32 PM / 6 years ago

CANADA STOCKS-TSX may open higher as U.S. corporate earnings support

July 9 (Reuters) - Canada’s main stock index looked set to open higher on Tuesday as investor sentiment was buoyed by positive U.S. economic data and a solid start to the second-quarter U.S. earnings season.


* China’s annual consumer inflation accelerated more than expected in June but factory-gate deflation persisted for a 16th month, underscoring the policy dilemma facing the People’s Bank of China as it worries about long-term price risks even as economic growth slows.

* Grocery store operator Kroger Co said it would acquire Harris Teeter Supermarkets Inc in a deal valued at $2.5 billion, including debt, to expand in the U.S. south east and mid-Atlantic states.

* Jean Coutu Group Inc’s first-quarter profit fell 77 percent, mainly due to lower generic drug prices.

* Alcoa Inc still sees global demand for aluminum products growing 7 percent this year, signalling a potential price rise for the metal as bulging Chinese aluminum inventories begin to dwindle.


* Canada stock futures traded up 0.5 percent

* U.S. stock futures , , were up around 0.20 percent to 0.33 percent

* European shares, were up


* Thomson Reuters-Jefferies CRB Index : 282.9437; fell 0.08 percent

* Gold futures : $1,254.5; rose 1.59 percent

* US crude : $102.94; fell 0.19 percent

* Brent crude : $107.15; fell 0.26 percent

* LME 3-month copper : $6,718; fell 1.64 percent


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

* Canadian National Railway Co : CIBC cuts rating to sector performer from sector outperformer, expects greater head count reduction and lower operating ratio for both years.

* Pason Systems Inc : CIBC cuts price target to C$17.50 from C$18.50 as it received an unfavorable judgment in relation to its Canadian patent infringement lawsuit.

* TriOil Resources Ltd : Canaccord Genuity starts coverage with hold rating, says the company has done an excellent job of developing its two key resource plays, as is reflected in the company’s production growth over the last year.


* Major Canadian economic data includes housing starts

* Major U.S. events and data includes employment index, Redbook and NFIB small business options

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