August 14, 2013 / 12:25 PM / 6 years ago

CANADA STOCKS-TSX may open lower despite strong German and French data

August 14 (Reuters) - Canada’s main stock index looked set to open lower on Wednesday even as German and French economic data pointed to a steady recovery from an 18-month long recession in the currency bloc and boosted European markets.


* The German and French economies grew faster than that of the United States in the second quarter, pulling the euro zone out of its longest recession.

* Unexpected dissent from a Bank of England policymaker and robust jobs data cast doubt on Governor Mark Carney’s policy of keeping interest rates low, just a week after it was announced.

* Metro Inc posted a 4 percent rise in third-quarter profit and said it will partner with Target Corp to operate the U.S. retailer’s in-store pharmacies in Quebec.

* Russian industrial and defence conglomerate Rostec is close to signing an agreement with Bombardier to assemble the Canadian plane maker’s Q400 aircraft in Russia, Rostec said on Wednesday.MARKET SNAPSHOT

* Canada stock futures traded down 0.03 percent

* U.S. stock futures , , were down around 0.13 percent to 0.12 percent

* European shares, were up COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 288.637; was flat

* Gold futures : $1,323.2; rose 0.15 percent

* US crude : $106.28; fell 0.51 percent

* Brent crude : $109.36; fell 0.42 percent

* LME 3-month copper : $7,316.25; rose 0.57 percent ANALYSTS’ RECOMMENDATIONS

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

* Aecon Group Inc : Raymond James raises target price to C$16 from C$15 following the company’s solid quarterly results

* Chorus Aviation Inc : National Bank Financial cuts price target to C$2 from C$2.50 on valuation

* Fortuna Silver Mines Inc : Raymond James raises price target to C$4.75 from C$4.50, prompted by a trim to analysts’ operating cost assumptions

* Pure Industrial REIT : RBC cuts price target to C$5.25 from C$5.50, says the adjustment is consistent with market-based valuation adjustments already implemented for many names

* Rocky Mountain Dealerships Inc : Raymond James cuts price target to C$13 from C$15 after the company reported second-quarter net income below expectations ON THE CALENDAR

* No major Canadian economic data scheduled for the day

* Major U.S. events and data include producer price index

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