July 5, 2011 / 12:20 PM / 8 years ago

CANADA STOCKS-TSX may open higher as oil, gold rise

July 5 (Reuters) - Toronto’s resource-heavy main stock index looked set to open slightly higher on Tuesday, helped by stronger oil and gold prices, even as concerns lingered about the global economic outlook and possible monetary tightening in China.


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

* U.S. stock index futures were slightly higher on Monday before factory orders data and as traders returned from a long holiday weekend after the S&P 500’s extended winning streak last week. [.N]

* European shares edged up for a seventh session, though strategists were advising caution as weak euro zone economic data cast fresh doubts on the strength of the recovery. [.EU]

* Asian stocks pulled back slightly from a one-month high as some investors took profits from their recent rally.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.54 percent in early trade.

* North Sea Brent LCOc1 jumped more than $1 per barrel after Barclays Capital raised its forecasts for crude oil in 2012, outweighing worries over the global economy. [O/R]

* Gold prices rose back above $1,500 an ounce in Europe as risk aversion returned to the financial markets, stoked by concerns over the outlook for the Chinese economy and plans to roll over Greek debt. [GOL/]

* Copper steadied as a pickup in demand for risky assets petered out and markets awaited U.S. data for fresh direction, while some wondered if copper prices have climbed too far too fast, given still-scant signs of demand from China. [MET/L]


* Bombardier (BBDb.TO): The train maker is cutting more than 1,400 jobs at its plant in Derby, central England, after losing out to German group Siemens for the Thameslink cross-London rail upgrade contract. [ID:nL6E7I502F]

* Jean Coutu Group Inc. PJCa.TO: The pharmacy chain posted a higher quarterly profit beating market estimates, benefiting from strong sales of non-prescription drugs and general merchandise. [ID:nN1E7630NO]

* Advantage Oil & Gas Ltd (AAV.TO): The company set its capital budget for the year at C$216 million, mainly to ramp up production at its Montney natural gas play in Glacier, Alberta. [ID:nL3E7I41UL]


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

* Alterra Power Corp AXY.TO price target cut to C$1 from C$1.15; rating sector perform at National Bank

$1= $0.96 Canadian Reporting by Shrutee Sarkar; Editing by Jeffrey Hodgson

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