November 1, 2010 / 12:48 PM / 8 years ago

CANADA STOCKS-TSX may open higher; commodities up on China data

Nov 1 (Reuters) - Toronto’s resource-heavy main stock index looked set to open higher on Monday, supported by rising commodity prices and surprisingly strong manufacturing data from China, the world’s biggest resource consumer.


* Canadian equity futures <0#SXF:> pointed to a higher open.

* U.S. stock index futures rose, buoyed by strong Chinese manufacturing data as investors awaited a new batch of economic reports to kick off a week marked by mid-term elections and the U.S. Federal Reserve’s monetary policy meeting. [.N]

* China’s factories ramped up their production last month and were buoyed by an influx of new business, highlighting the strength of the world’s second-largest economy but also pointing to price pressures. [ID:nTOE6A001P]

* European shares rose, with miners gaining on higher metals prices after surprisingly strong Chinese manufacturing data, and as the dollar weakened ahead of the U.S. Federal Reserve’s likely monetary easing. [.EU]

* Most markets in Asia rose with the exception of Japan’s Nikkei, which hit a seven-week closing low hurt by disappointing earnings report by Honda Motors and strengthening yen.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.55 percent in early trade.

* Oil rose to around $82 a barrel as expectations the U.S. Federal Reserve would commit to a new round of monetary stimulus this week prompted further weakness in the dollar. [O/R]

* Gold rose above $1,360 an ounce in Europe, building on three consecutive months of gains, as expectations the Federal Reserve will unveil further U.S. monetary easing at a meeting on Nov. 2/3 pressured the dollar. [GOL/]

* Base metals prices rallied 2 percent on average in London and Shanghai, with support from a softer dollar, which weakened for a third day ahead of this week’s pivotal Federal Reserve meeting. [MET/L]


* Potash Corp. POT.TO: BHP Billiton is planning to raise its $39 billion hostile bid for the largest fertilizer supplier the Sunday Times reported, citing sources close to the situation. A person familiar with the situation, however, said BHP was focused on clearing regulatory hurdles, including winning approval from the Canadian government, before it does anything else. [ID:nLDE6A00HD].

* Angiotech Pharmaceuticals ANP.TO: The specialty pharmaceutical and medical device maker had come to a deal with its debt holders that will reduce its total debt by $250 million. [ID:nN29262816].

* Nexen Inc. NXY.TO: The independent oil producer had struck a deal with Ensco Plc. over the disputed contract for a newly built deepwater rig. [ID:nN29248578]

* Orvana Minerals Corp. (ORV.TO): The junior miner which operates a gold mine in Bolivia, said the South American country will conduct an audit of the legal, financial and accounting information of its unit. [ID:nSGE69S0LI]

* Sterling Resources Ltd. SLG.V: The oil and gas company on Monday ended its farm-in agreement with U.K.-based Melrose Resources Plc for its blocks in Romania, but said it plans to move forward with offshore activities with other assignees. [ID:nSGE6A00H1]


Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

* Boralex Inc. (BLX.TO) rating raised to buy; price target to C$11 from C$10 at Versant

* CGI Group (GIBa.TO) rating raised to outperform from market perform at Raymond James

* Creston Moly CMS.V price target raised to C$0.70 from C$0.55; rating buy at Versant

* Heroux Devtek (HRX.TO) rating cut to outperform from strong buy at Raymond James

$1= $1.02 Canadian Reporting by Bangalore Newsroom; Editing by Jeffrey Hodgson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below