September 20, 2011 / 12:22 PM / 6 years ago

CANADA STOCKS-TSX may open higher; Greek hopes lift sentiment

Sept 20 (Reuters) - Toronto’s main stock index looked set to open slightly higher on Tuesday, buoyed by hopes that Athens might clinch a deal for more bailout funds.

Optimism a deal could be reached helped offset negative reaction to Standard & Poor’s downgrading of Italian debt. European shares were up strongly and the euro recovered from earlier losses. [MKTS/GLOB]

FACTORS TO WATCH

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

* U.S. stock index futures rose a day after a week-long rally was halted as investors waited to see if the Federal Reserve’s policy-setting panel offers aid to a sputtering U.S. economy. [.N]

* European shares were higher on short-covering after the previous session’s sharp losses. [.EU]

* Asian markets were mixed, with the Nikkei falling on fears about the euro zone’s debt turmoil. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 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] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.62 percent in early trade.

* Brent rose, recovering from heavy losses as worries over the global economy were seen to have been factored into current prices. [O/R]

* Gold rose, after Standard and Poor’s downgraded Italy’s credit rating, adding to the strain on the debt-distressed euro zone, while uncertainty over the outcome of a key U.S. Federal Reserve meeting also helped buoy the market. [GOL/]

* Copper picked itself up from nine-month lows hit in the previous session but concerns the global economic slowdown will crimp demand for the red metal continued to weigh on sentiment. [MET/L]

CANADIAN STOCKS TO WATCH

* Air Canada ACa.TOACb.TO: Talks between the airline and its flight attendants’ union broke down late on Monday, making a strike at Air Canada a near certainty beginning Wednesday. [ID:nS1E78I1OB]

* Husky Energy Inc. (HSE.TO): The oil producer said on Monday it will go ahead with the $6.5 billion Liwan gas project, which will supply as much as 500 million cubic feet of gas to the Chinese market. [ID:nS1E78I1V6]

ANALYST RECOMMENDATIONS

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

* Grayd Resource GYD.V price target raised to C$2.80 from C$2.15 at National Bank

* Polymet Mining Corp (POM.TO) price target cut to C$3.80 from C$4 at National Bank

$1= $0.99 Canadian Reporting by Kishan Nair; Editing by Jeffrey Hodgson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below