June 9 (Reuters) - Toronto’s main stock index could open higher on Wednesday as commodity prices got a boost following a report that Chinese exports grew about 50 percent from a year earlier in May.
Wall Street is also poised for a higher start as Texas Instruments said second-quarter earnings and revenue would be at the high end of its previous estimates. [.N]
Investors will be closely watching Fed Chairman Ben Bernanke’s testimony before the House Budget Committee, while keeping a tab on the Fed Beige Book.
European shares were higher but gains were limited on concerns that BP Plc will have to suspend its dividend payment under pressure from U.S. politicians. Most Asian markets rose while Japanese stocks bucked the trend, with blue chips leading the slide.
Here is some news that could affect stock prices:
Chinese exports in May grew about 50 percent from a year earlier, sources said on Wednesday, a figure that blew past expectations and fuelled a rise in stock markets globally. [ID:nTOE65805R]
Oil rose above $72 on Wednesday on news of strong Chinese exports and after an industry report showed a larger-than-expected decline in U.S. crude stocks. [O/R]
Copper prices rose on Wednesday as talk of strong export data from China focused attention on potentially higher demand from the world’s largest consumer of industrial metals. [MET/L]
Gold steadied in Europe on Wednesday, consolidating after the last session’s record high, as a firmer tone to stocks reflecting better appetite for assets seen as higher risk took the wind out of bullion’s sails. [GOL/]
Canada’s ADF Group Inc DRX.TO, which makes steel superstructures for building constructions, posted a lower-than-expected quarterly profit on Wednesday, hurt by client delays in projects and a stronger Canadian dollar. [ID:nSGE6580G5]
Western Coal Corp WTN.TO WTN.L on Wednesday offered to buy the remaining stake in Welsh miner Energybuild Group Plc EBG.L in an all-stock deal valued at 24.6 million pounds ($35.6 million). [ID:nSGE6580EB]
Forzani Group FGL.TO on Tuesday rebounded to a first-quarter adjusted profit from a loss on brisk sales of Vancouver 2010 Winter Olympics licensed products and spring categories at the biggest sporting goods retailer in Canada. [ID:nN08272645]
Day4 Energy Inc DFE.TO said Tuesday it commenced construction of 1.8MW photovoltaic power plant in Germany and intends to scale project development business to other markets including Italy and Canada.
BHP Billiton (BHP.AX) (BLT.L) sees potash as an ideal fit within its portfolio of commodity products and the global mining giant is focused on developing its potash projects in Western Canada into a world-class basin play, a top executive said on Tuesday. [ID:nN08269113]
Major Drilling (MDI.TO) reported a stronger fourth-quarter profit on Tuesday, and said it was seeing a steady recovery in the mining sector, led by junior and intermediate companies. [ID:nN0886826]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.
* Emerge Oil And Gas EME.TO price target of $4.75, coverage started with outperform rating at Macquarie
* Primaris REIT PMZ_u.TO raised to outperform rating from neutral at Macquarie
* Uranium One Inc UUU.TO cut to $2.80 from $3.25; outperform rating at Macquarie. Cut to $3.60 from $3.80; buy rating at UBS
* Patheon Inc PTI.TO cut to $3.50 from $3.75; hold rating at Desjardins
* Transcontinental Inc (TCLa.TO) raised to $19 From $18; outperform rating at RBC ($1=$1.04 Canadian) (Reporting by Bangalore newsroom, editing by Ashutosh Joshi and Jeffrey Hodgson)