July 12, 2013 / 12:39 PM / 6 years ago

CANADA STOCKS-TSX may open higher on Fed's commitment on monetary policy

July 12 (Reuters) - Canadian stock index futures pointed to a higher open on Friday as the U.S. Federal Reserve’s commitment to maintain a highly accommodative monetary policy for some time continued to support markets.


* China’s finance minister signaled that Beijing may be willing to tolerate economic growth in the second half of the year significantly below 7 percent, marking the most sobering comment to date from a senior policymaker on the country’s slowdown.

* JPMorgan Chase & Co reported a 31 percent rise in quarterly profit as trading revenue rebounded and the biggest U.S. bank by assets avoided another “London Whale” derivatives loss.

* France’s Schneider Electric was in talks about a 3.3 billion pound deal for Invensys, sending shares in the British group soaring on hopes others could still enter the fray.

* Chinese cellphone chip designer Spreadtrum Communications Inc agreed to be acquired by a unit of government-owned Tsinghua Holdings Co Ltd for a raised offer price of about $1.78 billion, the companies said.


* Canada stock futures traded up 0.36 percent

* U.S. stock futures , , were up around 0.04 percent to 0.15 percent

* European shares, were up


* Thomson Reuters-Jefferies CRB Index : 287.807; rose 0.2 percent

* Gold futures : $1,276.3; fell 0.3 percent

* US crude : $105.64; rose 0.7 percent

* Brent crude : $108.09; rose 0.33 percent

* LME 3-month copper : $6,961.25; fell 0.55 percent


* Medicago Inc : Japan’s Mitsubishi Tanabe Pharma Corp said that it will take a 60 percent stake in Canada’s Medicago Inc in a joint purchase with a Philip Morris International subsidiary.


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

* Cogeco Cable Inc : RBC raises target price to C$54 from C$51 as the company provided slightly better than expected third-quarter FY13 results.

* Corus Entertainment Inc : Canaccord Genuity cuts target to C$21.50 from C$22.50 following the company’s below the expectation results in third quarter.

* DragonWave Inc. Canaccord Genuity raises target to $2.60 from $1.90 on valuation.


* No major Canadian economic data scheduled for the day

* Major U.S. events and data includes PPI, ECRI weekly index and Reuters/UMich sentiment index

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