Sept 30 (Reuters) - Toronto’s resource-heavy stock market looked set to open higher on Thursday, helped by rising commodity prices and stronger-than-expected U.S. growth data.
* Canadian equity futures <0#SXF:> pointed to a higher open.
* U.S. stock index futures turned positive after data showed a decline in applications for unemployment insurance and a tick-up in the final revision of second quarter U.S. gross domestic product. [.N]
* Canada’s economy contracted for the first time in a year in July on weakness in manufacturing, construction and retail, giving the Bank of Canada yet another reason to pause in its interest rate hiking campaign. [ID:nN30434455]
* European stocks dipped on Thursday, down for the fourth straight day as investors digested Spain’s credit downgrade and Ireland’s massive bank bailout, but losses were limited by rallying techs led by Nokia NOK1V.HE. [.EU]
* Asian stocks fell but were set for their best quarter in a year as investors poured money into regional markets on the back of robust economic growth driven by China.
* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.38 percent in early trade.
* U.S. crude oil futures rose more than $1 on Thursday, extending gains after separate reports showed U.S. jobless claims fell last week and a final second quarter GDP number that was revised upward and came in better than expected. [O/R]
* Gold rose to a record high in Europe on Thursday and was on track for an eighth consecutive quarterly gain as the dollar fell amid concerns over the prospect of further U.S. quantitative easing. [GOL/]
* Copper eased on Thursday, as moves by top metals consumer China to curb property prices dented sentiment, but dollar weakness and improving demand expectations limited losses. [MET/L]
* Bombardier Inc (BBDb.TO): The company said it will proceed with plans to expand its Global family of large business aircraft and will unveil details next month. [ID:nN30101068]
* Potash Corp. POT.TO: China’s top chemicals company Sinochem is working hard to come up with a challenge to BHP’s $39 billion bid for Potash, sources said, but efforts to secure a Russian partner have failed, according to a report. [ID:nSGE68T015]
* Enbridge Inc (ENB.TO): Canada’s No. 2 pipeline company will spend C$260 million to add more than 1 million barrels of oil storage capacity at its Edmonton, Alberta, terminal to handle rising oil sands production, the company said on Wednesday. [ID:nN29103356]
* Crocotta Energy Inc. CTA.TO: The oil and natural gas company raised its production outlook for 2011 on the back of higher capital spending in the next five quarters. [ID:nSGE68T0FF]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
* Crombie REIT (CRR_u.TO) price target raised to C$12.50 from C$12; rating market perform at Raymond James
* Victoria Gold (VIT.V) price target raised to C$1.60 from C$1.10; rating outperform at Raymond James
$1= $1.03 Canadian Reporting by Bangalore Newsroom; editing by Jeffrey Hodgson