August 20 (Reuters) - After posting its biggest single-day percentage fall in eight weeks in the previous session, Canada’s main stock index looked set to open lower on Tuesday as investors expect the U.S. Federal Reserve to begin tapering its monetary easing policy as early as next month.
* A recovery in the U.S. housing market helped Home Depot Inc beat analysts’ quarterly profit and sales estimates, prompting the world’s largest home improvement chain to raise its outlook for the fiscal year.
* Best Buy Co Inc reported a higher quarterly profit as lower costs offset lackluster sales at the world’s largest consumer electronics chain.
* BHP Billiton’s new chief has put his stamp on the top global miner, mapping out a cautious approach to expanding into the potash market, which it sees as its next big growth business beyond 2020.
* China’s CNOOC Ltd, which closed its $15.1 billion acquisition of energy producer Nexen in February, posted a 7.9 percent gain in its first-half earnings, beating estimates, as increased output offset lower crude prices and higher operating costs.
* Glencore Xstrata took a $7.7 billion hit on Xstrata’s mining assets, drastically reducing the value of early-stage projects after falling prices dragged down first-half profit.
* Canada stock futures traded down 0.03 percent
* U.S. stock futures , , were up around 0.02 percent to 0.17 percent
* European shares, were down
* Thomson Reuters-Jefferies CRB Index : 292.7673; fell 0.3 percent
* Gold futures : $1,363.5; fell 0.2 percent
* US crude : $106.11; fell 0.92 percent
* Brent crude : $109.38; fell 0.47 percent
* LME 3-month copper : $7,310; rose 0.05 percent
Following is a summary of research actions on Canadian companies reported by Reuters.
* Leisureworld Senior Care Corp : CIBC cuts target price to C$12 from C$12.75 after the company posted second-quarter results below expectations
* Partners Real Estate Investment Trust : CIBC cuts to sector underperformer from sector performer to reflect expectations for below-average total returns over the next 12 to 18 months on a risk-adjusted basis
* Major Canadian economic data includes wholesale trade
* Major U.S. events and data includes Chicago Fed index, ICSC/GS report and Redbook