August 29, 2011 / 12:37 PM / 7 years ago

CANADA STOCKS-TSX may open higher on US stimulus hopes, commods

Aug 29 (Reuters) - Canadian stocks were poised to open higher on Monday, taking their cue from Wall Street, as commodity prices rose after Federal Reserve Chairman Ben Bernanke on Friday left the door open for further action to stimulate the U.S. economy.


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

* U.S. stock index futures jumped, signaling a strong open on Wall Street, as investors were relieved to see Hurricane Irene caused less damage than feared in New York City over the weekend. [.N]

* European shares edged up, led by cyclical sectors as investors looked for bargains after Federal Reserve Chairman Ben Bernanke left room for more measures to stimulate the weak U.S. economy. [.EU]

* Asian stocks were mostly up with Hong Kong shares rising, boosted by earnings-driven gains in oil producers, while China shares fell, weighed by fresh moves by the central bank to further decrease money supply. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ To receive an early e-mail of Reuters Morning News Call - Canada — a preview of market moving news — Thomson Reuters subscribers can register at [CA/MNC] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.18 percent in early trade.

* Brent crude steadied around $111 as the dollar weakened and after a hurricane swept up the U.S. east coast, with no reports so far of serious damage to refineries and terminals. [O/R]

* Gold prices eased a touch in holiday-thinned trade as investors took bets on higher prices off the table, disappointed by a lack of clear guidance from the Federal Reserve on Friday on the options for U.S. economic stimulus. [GOL/]

* Shanghai copper edged up as the dollar widened its losses and investors focused on a possible strike at the world’s third largest copper mine, Indonesia’s Grasberg. [MET/L]


* AuRico Gold AUQ.TO: The company said it will buy Northgate Minerals (NGX) for C$1.46 billion to create an intermediate gold company. [ID:nL4E7JT1Q9]

* Air Canada ACa.TO: The air carrier’s flight attendants have rejected a tentative contract that union bargainers negotiated with the company, and the union has scheduled a strike vote for next month. [ID:nN1E77Q0ET]

* Sino-Forest TRE.TO: The Chinese forestry company accused of fraud, said on Sunday Allen Chan had resigned as chairman and CEO and that it placed three senior employees on administrative leave, due to information uncovered in an ongoing internal review. [ID:nN1E77R0BZ]

* QLT Inc. QLT.TO: The biotechnology company said its drug delivery system lowered pressure in the eye of patients suffering from glaucoma in a mid-stage study. [ID:nL4E7JT1T7]


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

* 5N Plus Inc (VNP.TO): price target raised to C$13.25 from C$10; rating sector outperformer at CIBC

* RBC (RY.TO): price target cut to C$54 from C$56; rating sector performer at CIBC; price target cut to C$59 from C$64; rating sector perform at National Bank

$1= $0.98 Canadian Reporting by Shrutee Sarkar; Editing by Jeffrey Hodgson

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