October 9, 2013 / 12:13 PM / 6 years ago

CANADA STOCKS-TSX may open higher as Yellen pick provides relief

Oct 9 (Reuters) - Canadian stock index futures pointed to a higher open on Wednesday on news that U.S. President Barack Obama has tapped Janet Yellen to head the Federal Reserve, though concerns over the impact of a budget deadlock could put a lid on gains.


* U.S. President Barack Obama will nominate Fed number two Janet Yellen to run the U.S. central bank, providing some relief to markets that would expect her to tread carefully in winding down economic stimulus. Also, Obama refused to give ground in a fiscal confrontation with Republicans on Tuesday, saying he would negotiate on budget issues only if they agree to re-open the federal government and raise the debt limit with no conditions.

* British industrial output suffered an unexpected fall in August as factories cut production, casting some doubt on the positive message about the economy from private-sector surveys.

* Costco Wholesale Corp posted a 1 percent rise in quarterly profit and a three percent increase in its same-store sales for the month of September.

* Aluminium producer Alcoa Inc reported better than expected earnings on Tuesday, as strength at the unit that sells auto parts and other complex items helped offset lower metal prices.


* Canada stock futures traded up 0.29 percent

* U.S. stock futures , , were up around 0.2 percent to 0.25 percent

* European shares, were mixed


* Thomson Reuters-Jefferies CRB Index : 287.8925; fell 0.24 percent

* Gold futures : $1,311.5; fell 0.96 percent

* US crude : $103.29; fell 0.19 percent

* Brent crude : $109.79; fell 0.34 percent

* LME 3-month copper : $7,167.5; fell 0.99 percent


* Bombardier Inc : Mexico’s government will tender three passenger train projects next year worth 97 billion pesos, two of which will service the capital’s sprawling metropolitan area, the country’s transport ministry said on Tuesday. Bombardier will likely bid on each of the rail projects, the company’s Mexico chief said in June.


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

* Agrium Inc : Piper Jaffray raises price target of its U.S. listed shares to $93 from $90, says the recently closed Viterra acquisition and the Vanscoy potash expansion project represent company specific growth catalysts over the next two years.

* Ritchie Bros. Auctioneers Inc : Credit Suisse cuts target price of its U.S. listed shares to $18 from $20 after the company’s announcement that the CEO is stepping down in 2014.

* Tourmaline Oil Corp : National Bank Financial resumes coverage with outperform; price target C$52.50, says the company’s aggressive growth profile will continue into 2014.


* No major Canadian economic data scheduled for the day

* Major U.S. events and data includes FOMC minutes 17-18 meeting

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