TORONTO, April 12 (Reuters) - Toronto’s main stock index could open higher on Monday as a massive deal for debt-stricken Greece boosted investors’ appetite for risk and gold rallied, but gains could be capped by slipping oil prices.
Global equities measured by the MSCI All-Country World Index .MIWD00000PUS advanced 0.3 percent to an 18-month high and U.S. stock futures gained ahead of Alcoa Inc (AA.N) earnings.
Toronto’s main stock index finished a volatile week higher on Friday with broad gains backed by a rise in the price of key metals and optimism that Canada’s economic recovery is on track.
Here is some news that could affect stock prices:
Markets saluted a euro zone deal on a huge standby rescue package for Greece, slashing the debt-laden country’s borrowing costs and buying its stocks and bonds on Monday as fears of a near-term default dissipated. [ID:nLDE63B0NP]
Oil prices slipped below $85 a barrel, consolidating despite a drop in the dollar and bullish data showing a big jump in Chinese crude imports. [O/R]
Gold was near four-month highs of $1,168.70 an ounce in Europe as the euro surged versus the dollar after euro zone finance ministers agreed on the massive financial aid package for Greece. [GOL/]
Copper rose to a 20-month high due to a stronger euro and investment demand, boosted by robust import figures from China, the world’s top consumer of the metal. [MET/L]
Smartphone maker Palm Inc PALM.OPALM.F, which has not turned a profit in its battles with rivals Apple and RIM, has begun seeking offers for the firm, Bloomberg said, citing three people familiar with the situation. [ID:nLDE63B0B5]
Canadian housing starts dipped 1.5 percent in March to a seasonally adjusted annualized rate of 197,300 units from an upwardly revised 200,400 units in February, Canada Mortgage and Housing Corp. said on Monday. [ID:nTOR007371]
Following is a summary of research actions on Canadian companies reported by Reuters on Monday. [RCH/CA]
* Raymond James cuts Suncor Energy (SU.TO) price target to C$41 from C$43
* Raymond James cuts PetroBakken Energy PBN.TO price target to C$36 from C$37
* Raymond James cuts EnCana Corp (ECA.TO) price target to C$35 from C$36.50
* Raymond James raises Canadian Natural Resources (CNQ.TO) price target to C$100 from C$94
* Macquarie raises Detour Gold Corp (DGC.TO) price target to C$25 from C$21; rating outperform
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