TORONTO, Feb 2 (Reuters) - Climbing commodity prices may help Toronto’s main stock market index rise at the open on Tuesday.
The index recorded its biggest one-day percent gain since early December on Monday, rising 2.01 percent to 11,317.55, helped by optimism about economic recovery.
Here is some of the news that may affect the market.
Suncor Energy Inc (SU.TO), Canada’s biggest energy company, returned to profit in the fourth quarter, helped by higher crude oil prices and last year’s purchase of Petro-Canada. [ID:nN01209333]
Gold prices rose above $1,110 in Europe on Tuesday, extending the previous session’s 2 percent gains. Crude oil prices rose more than 1 percent, topping $75 a barrel, as traders awaited data on crude and middle distillate inventories. [GOL/] [O/R]
DATA ON TAP
In the United States, Redbook releases its weekly retail sales data of department and chain store sales at 8:55 a.m. EST (1355 GMT), while the National Association of Realtors will issue pending home sales for December at 10 a.m. EST (1500 GMT). Economists surveyed by Reuters expect a 1.0 percent rise compared with a 16.0 percent fall in the previous month.
No major Canadian data until Friday until jobs data. [ID:nN01230910] ECONCA
VOLCKER‘S SENATE PANEL TESTIMONY
White House adviser Paul Volcker will urge Congress to curb the risks taken by large banks to help prevent them from being treated as “too big to fail,” according to testimony obtained by Reuters. [ID:nN01217116]
The Canadian government will keep supporting development of Alberta’s oil sands while it follows the U.S. lead on setting targets for cutting greenhouse gas emissions, the country’s environment minister said on Monday. [ID:nN01203876]
Toronto Stock Exchange operator TMX Group Inc X.TO said it is slashing trading fees it charges for securities worth less than C$1, its latest to defend its waning market share. [ID:nN01212382]
Following is a summary of research actions on Canadian companies reported by Reuters on Tuesday. [RCH/CA]
* Goldman Sachs adds Rogers Communications (RCIb.TO) to “conviction sell” list
* UBS cuts price target on Viterra VT.TO to C$11 from C$12, rating buy
* RBC raises Thomson Reuters (TRI.TO) to “top pick” from “outperform”
(Reporting by Ka Yan Ng, Editing by Chizu Nomiyama)