November 2, 2012 / 1:12 PM / 5 years ago

CANADA STOCKS-TSX set to open higher after strong U.S. jobs data

Nov 1 (Reuters) - Canadian stock futures pointed to a higher open on Friday as data showed U.S. employers stepped up hiring in October, a hopeful sign for the economy of Canada’s largest export market.

TOP STORIES

* U.S. data showed employers added 171,000 people to their payrolls last month, the Labor Department said on Friday. The government also said 84,000 more jobs were created in August and September than initially estimated.

* Thomson Reuters reported a 15 percent fall in operating profit because of declining revenue and higher costs at its division that serves the financial industry.

* Valeant Pharmaceuticals reported an 81 percent drop in third-quarter profit and the company cut its profit forecast for the current quarter.

* Euro zone manufacturing shrank for the 15th month running in October as output and new orders fell, a survey showed on Friday, likely fuelling expectations of further easing from the European Central Bank.

* The United States and Japan must share responsibility with Europe for ensuring global economic stability, German Finance Minister Wolfgang Schaeuble said, signaling that a G20 meeting this weekend should not focus solely on the euro zone crisis.

MARKET SNAPSHOT

* Canada stock futures traded up.

* U.S. stock futures , , rose.

* European shares, were mixed

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 296.48; fell 0.27 percent

* Gold futures : $1,706.4; fell 0.45 percent

* US crude : $86.36; fell 0.84 percent

* Brent crude : $107.94; fell 0.21 percent

* LME 3-month copper : $7,775; fell 0.65 percent

CANADIAN STOCKS TO WATCH

* Bombardier Inc. : Some 330 workers at a Quebec-based rail-car factory, belonging to the train-maker, went on strike on Thursday over outsourcing and pension fund issues, the company and union said.

* Cogeco Inc and Cogeco Cable Inc. : The main unit of media and telecom company Cogeco Inc reported a lower quarterly profit, hit by an increase in corporate taxes in Ontario and faster depreciation.

* Inmet Mining Corp. : The miner reported a 19 percent rise in third-quarter profit, helped by higher copper sales volume from its Spanish Las Cruces mine.

* Maple Leaf Foods : The hog processor and baker is buying distressed hog producer Puratone Corporation to secure hog supplies as farmers struggle to manage heavy losses.

* Penn West Petroleum Ltd. : The conventional oil and gas producers, reported a third-quarter loss on hedging losses.

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters.

* Crescent Point Energy : Barclays raises target to C$51 from C$50, after the company said it will buy privately held oil and gas producer Ute Energy Upstream Holdings LLC for $784 million in cash.

* Morneau Shepell : National Bank Financial raises target to C$14 from C$13, as the company acquires Mercer Canada’s pension and benefits outsourcing business.

* PHX Energy Services : RBC raises target to C$10 from C$9, says the company’s efforts over the past year to retool its U.S. business are showing results, with solid growth in the Texas and U.S. Rockies regions.

* Suncor Energy : National Bank Financial raises target to C$45 from C$43, after the company reported third-quarter results.

* Western Energy Services : RBC cuts target to C$10 from C$11 on management’s macro concerns and on valuations.

ON THE CALENDAR

* Major Canadian economic data includes employment data

* Major U.S. events and data includes non-farm payrolls, ISM and factory orders

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