August 9 (Reuters) - Canada’s main stock index looked set to open lower on Friday after comments Federal Reserve official, Richard Fisher, renewed talk that the Fed would begin tapering its bond-buying policy next month, overshadowing positive economic data from China. TOP STORIES
* China’s factory output grew in July at its fastest pace since the start of the year, adding to a run of data suggesting the world’s second-largest economy may be stabilising after more than two years of slumping growth.
* Magna International Inc reported a stronger-than-expected 19 percent rise in second-quarter profit and raised its sales forecast for the year, buoyed by increased vehicle production in North America.
* BlackBerry Ltd is warming up to the possibility of going private, as the smartphone maker battles to revive its fortunes, several sources familiar with the situation said.
* Mexican billionaire Carlos Slim’s America Movil has made a 7.2 billion euro bid for the shares in Dutch telecoms group KPN it does not already own, challenging a rival offer for KPN’s German business.MARKET SNAPSHOT
* Canada stock futures traded down 0.33 percent
* U.S. stock futures , , were down around 0.23 percent to 0.06 percent
* European shares, were up COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 284.7039; rose 0.24 percent
* Gold futures : $1,310; fell 0.05 percent
* US crude : $103.93; rose 0.51 percent
* Brent crude : $107.2; rose 0.49 percent
* LME 3-month copper : $7,245; rose 0.84 percent ANALYSTS’ RECOMMENDATIONS
Following is a summary of research actions on Canadian companies reported by Reuters.
* Avigilon Corp : Raymond James cuts rating to market perform from outperform, says although the company continues to execute well and outperform peers, at the same time, its valuation has risen
* Black Diamond Group : National Bank Financial cuts to sector perform from outperform on valuation
* Canadian Tire Corp : National Bank Financial raises target to C$99 from C$91 after the company delivered results which were ahead of consensus expectations
* Manulife Financial Corp : CIBC raises price target to C$20 from C$19, says as expected, core earnings growth stalled in the second quarter, but earnings quality was better ON THE CALENDAR
* Major Canadian economic data includes housing starts, employment change, and unemployment rate
* Major U.S. events and data includes wholesale inventories and wholesale sales