CANADA STOCKS-TSX may open lower on rising concerns about Fed stimulus

Dec 5 (Reuters) - Canada’s main stock index pointed to a lower open on Thursday as recent strong U.S. economic data heightened worries over the potential for an early winding down of Federal Reserve’s equity-friendly stimulus.


* The European Central Bank left its main interest rate unchanged at a record low of 0.25 percent, holding course after a pick-up in inflation and a drop in unemployment eased pressure on the bank to act again.

* Royal Bank of Canada said that its quarterly profit rose 11 percent and that Chief Executive Officer Gordon Nixon would step down next summer after 13 years in his position.

* Toronto-Dominion Bank said that its quarterly profit rose 1.6 percent, missing expectations, and it announced a 2-for-1 stock split.

* Dollarama Inc reported a 20 percent rise in profit due to higher sales and new store openings.

* Canadian Imperial Bank of Commerce said that its quarterly profit slipped 1.9 percent after one-time charges offset a rise in retail and wealth management income.


* Canada stock futures traded down 0.27 percent

* U.S. stock futures , , were mixed around -0.03 percent to 0.2 percent

* European shares, were up


* Thomson Reuters-Jefferies CRB Index : 277.9328; fell 0.24 percent

* Gold futures : $1,229.4; fell 1.51 percent

* US crude : $97.36; rose 0.16 percent

* Brent crude : $111.69; fell 0.17 percent

* LME 3-month copper : $7,078.5; fell 0.23 percent


* Barrick Gold Corp : The company’s Porgera gold mine in Papua New Guinea continues to operate after two illegal miners were killed there in a confrontation with police, a company spokesman said.

* Enbridge Inc : The pipeline operator said on Wednesday 2013 earnings would be at the low end of its target of C$1.74 to C$1.90 per share, but boosted its dividend by 11 percent.


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

* Canadian Western Bank : CIBC raises target price to C$39 from C$37 as it reported cash EPS ahead of analysts’ estimate and consensus.

* Enbridge Inc : CIBC cuts price target to C$51 from C$52, says the company has been telegraphing weaker growth for 2014, and expectations have been coming down.

* National Bank of Canada : CIBC cuts target price to C$97 from C$99 following the company’s weaker-than expected quarterly results.

* Suncor Energy Inc : RBC raises price target to C$46 from C$45 on analysts’ confidence in the company’s outlook.


* Major Canadian economic data includes building permits, Ivey PMI

* Major U.S. events and data includes initial and continuing claims, growth data durable goods, factory orders, implicit deflation, challenger layoffs and final sales