August 12, 2009 / 12:49 PM / 8 years ago

CANADA STOCKS-TSX may edge up, but caution ahead

 TORONTO, Aug 12 (Reuters) - Toronto's main stock index
might edge higher after two-straight sessions of declines, but
action is likely to be tentative ahead of the U.S. Federal
Reserve's policy announcement.
 The Fed is expected to keep U.S. interest rates steady at
near zero at a meeting that concludes later on Wednesday but
end its long-term government securities buying program amid
signs the economy is emerging from a deep recession.
 The statement is expected at 2:15 p.m. EDT (1815 GMT).
 The TSX sank on Tuesday as mixed economic data and a gloomy
outlook for U.S. banks painted by a prominent analyst spurred
doubt about recovery and led to profit-taking. The S&P/TSX
composite index .GSPTSE closed 1.52 percent lower at
 Here is some of the news that may affect the market.
 Gold prices held near $945 an ounce in Europe as caution
ahead of the Federal Reserve announcement on monetary policy
later in the session kept investors on the sidelines. Weakness
in physical demand is also preventing prices from rising.
 Oil reversed early losses on Wednesday to edge back toward
$70 a barrel after initially falling to the lowest price in
August so far on concerns about the strength of demand ahead of
weekly U.S. inventory data. [ID:nSP527509]
 Penn West Energy Trust PWT_u.TO reported a narrower
second-quarter loss, helped by lower expenses and foreign
exchange gains. [ID:nBNG496422]
 * Cameco CCO.TO Q2 results [ID:nWNBB4305]
 * ATS Automation Q1 profit sinks [ID:nBNG535484]
 * Intact Financial profit falls [ID:nBNG485620]
 Brookfield Asset Management BAMa.TO and Brookfield
Properties BPO.TO said after markets on Tuesday they will
launch a $4 billion investor consortium aimed at turning around
undervalued and underperforming real estate during the "current
distressed economic environment." [ID:nN11540379]
 Bank of Nova Scotia BNS.TO hopes to raise its stake in
Xi'an City Commercial Bank by the end of the year to close to
20 percent from 1.3 percent now, an executive at the Canadian
lender said. [ID:nPEK109049]
 Global policymakers must secure a rock-solid economic
recovery before they turn their attention to exit strategies
from stimulus policies or to discussion of exchange rates,
Canadian Finance Minister Jim Flaherty. [ID:nPEK61145]
 UBS and Macquarie both sharply boosted on Wednesday their
price targets on First Quantum Minerals FM.TO , while Haywood
raised the Toronto-listed mining firm to sector perform from
sector underperform. On Tuesday, Desjardins had raised its
price target and kept a buy rating on the company.
 Other research actions: For additional research, please
double click [RCH/CA]
 * UBS raises Rona RON.TO price target
 * RBC cuts Cardiome Pharma COM.TO price target
 ($1=$1.10 Canadian)
  (Reporting by Ka Yan Ng; Editing by Padraic Cassidy)

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