November 12, 2013 / 1:27 PM / 6 years ago

CANADA STOCKS-TSX may open lower on Fed stimulus uncertainty

Nov 12 (Reuters) - Canada’s main stock index looked set to open lower on Tuesday, hurt by speculation about how soon the U.S. Federal Reserve will begin scaling down its bond-buying.


* China’s ruling party pledged to let markets play a “decisive” role in allocating resources as it unveiled a reform agenda for the next decade, looking to overhaul the world’s second-largest economy to drive future growth.

* British inflation unexpectedly dropped to its lowest rate for more than a year in October, reassuring the Bank of England that it has ample time to allow the economy to strengthen before it raises interest rates.

* Britain’s Vodafone will spend 7 billion pounds - more than expected, earlier than expected - to increase the speed and capacity of its networks and reverse a record fall in revenues resulting from its struggling European business.

* Dish Network Corp posted quarterly results that beat Wall Street estimates as it added 35,000 pay-TV subscribers, far exceeding expectations.

* Rupert Murdoch’s News Corp reported a steeper than expected 3 percent decline in revenue in its first quarter as a standalone company, as weakness at its Australian newspapers took its toll.


* Canada stock futures traded down 0.18 percent

* U.S. stock futures , , were mixed around -0.15 percent to 0.14 percent

* European shares, were down


* Thomson Reuters-Jefferies CRB Index : 275.3198; fell 0.01 percent

* Gold futures : $1,281; was unchanged 0 percent

* US crude : $94.72; fell 0.44 percent

* Brent crude : $106.62; rose 0.21 percent

* LME 3-month copper : $7,135.75; fell 0.52 percent


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

* Bankers Petroleum Ltd : RBC raises price target to C$5 from C$4.50 following the company’s steady production and cash flow growth.

* Ensign Energy Services Inc : Barclays raises price target to C$21 from C$20, says the company’s global fleet of high quality rigs should benefit from the shift towards unconventional drilling in North America.

* GuestLogix Inc : National Bank Financial raises price target to C$2.25 from C$1.75 following the company’s better-than-expected third-quarter results.

* Osisko Mining Corp : CIBC raises price target to C$7 from C$6 as its third-quarter results demonstrated continuous improvement at the Canadian Malartic asset.

* Paladin Labs Inc : BMO raises price target to C$113.72 from C$105 as the U.S. FDA extended the date for the company’s Impavido new drug application.


* No major Canadian economic data scheduled for the day

* Major U.S. events and data includes Chicago Fed index, Redbook and employment index

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