July 23, 2013 / 12:17 PM / 6 years ago

CANADA STOCKS-TSX may open higher, China comments support

July 23 (Reuters) - Canada’s main stock index looked set to build on 7-week highs on Tuesday after the Chinese government reassured investors it would ensure growth does not sink below 7 percent.


* China must deepen reforms to address a slew of challenges, President Xi Jinping said in comments that emphasize the government’s determination to restructure the slowing economy.

* Dutch telecoms group KPN will sell its German unit to Telefonica Deutschland for some 8.1 billion euros in cash and shares, in a long-awaited deal that will test regulators’ views about Europe’s largest mobile market.

* TD Ameritrade Holding Corp, the biggest U.S. discount brokerage by client trading volume, posted a 20 percent rise in second-quarter profit as it earned higher commissions.

* Canadian National Railway said it expects the boom in crude-by-rail shipments to continue, despite the Lac-Megantic tragedy and even as narrowing spreads between benchmark world oil prices raise questions about the economics of rail transport.

* United Technologies Corp, the world’s largest maker of elevators and air conditioners, reported higher second-quarter net income, helped mostly by its 2012 buyout of aircraft parts manufacturer Goodrich.

* U.S. insurer Traveler Cos Inc posted an 85 percent rise in quarterly profit owing to lower disaster losses, blowing past Wall Street estimates.


* Canada stock futures traded up 0.14 percent

* U.S. stock futures , , were up around 0.19 percent and 0.28 percent

* European shares, were up


* Thomson Reuters-Jefferies CRB Index : 290.8663; fell 0.25 percent

* Gold futures : $1,327.9; fell 0.64 percent

* US crude : $106.28; fell 0.62 percent

* Brent crude : $108.17; rose 0.02 percent

* LME 3-month copper : $6,997.5; fell 0.45 percent


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

* Canadian National Railway Co : Jefferies raises price target to $91 from $85 after the company reported strong second-quarter earnings driven by better operating results, believes it is increasingly becoming a topline growth story

* Oil and gas companies: CIBC raises price target of Bonterra Energy Corp to C$59 from C$55, Peyto Exploration & Development Corp to C$38 from C$33 and Trilogy Energy Corp to C$38 from C$36, on revised commodity price forecasts as oil differentials and natural gas improve


* Major Canadian economic data includes retail sales

* Major U.S. events and data includes redbook, Rich Fed manufacturing and Rich services revenue

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