TSX may open lower ahead of Bernanke's speech

Fri Aug 26, 2011 8:10am EDT

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Aug 26 (Reuters) - Toronto stock futures pointed to a lower open on Friday ahead of an eagerly awaited speech by U.S. Federal Reserve chairman Ben Bernanke that may indicate what he plans to do to revive the struggling U.S. economy.

FACTORS TO WATCH

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

* U.S. stock index futures were little changed as investors hesitated to make bets on when Federal Reserve Chairman Ben Bernanke would announce a new stimulus plan as a volatile week drew to a close. [.N]

* European shares fell ahead of an eagerly awaited speech by U.S. Federal Reserve chairman Ben Bernanke that may indicate what he will do to revive the struggling U.S. economy. [.EU]

* Asian markets were mixed with the Nikkei rising on bargain-hunting, while Hong Kong shares fell led by losses in heavyweight cyclical stocks. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 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, fell 0.07 percent in early trade.

* Oil prices inched down as investors looked ahead to a speech by the U.S. Federal Reserve chairman on the health of the world's largest economy and top oil consumer. [O/R]

* Gold prices arrested this week's slide to rise nearly 1 percent ahead of a speech from Federal Reserve chairman Ben Bernanke in Jackson Hole, Wyoming, later, which will be closely watched for hints on the outlook for Fed monetary policy. [GOL/]

* Copper steadied with investors cautious but hopeful that Federal Reserve Chairman Ben Bernanke will show willingness to support the stalling U.S economy and on concerns a strike at a copper mine in Indonesia will sap already tight supplies.[MET/L]

CANADIAN STOCKS TO WATCH

* Royal Bank of Canada (RY.TO): The bank's third-quarter profit from continuing operations rose about 13 percent, driven by strong Canadian retail banking and capital markets income. [ID:nN1E77N0YI]

* Mosaid Technologies MSD.TO: The patent licensing firm said on Thursday it would finish its review of a C$480 million hostile takeover bid from rival WiLan (WIN.TO) by Sept. 7, and asked shareholders to take no action before then. [ID:nN1E77O1Q9]

* Cameco Corp. (CCO.TO). The uranium producer said it plans to buy its junior peer Hathor Exploration Ltd HAT.TO for about C$520 million in cash, after talks for a potential board-supported deal failed. [ID:nL4E7JQ275]

* Enbridge Inc. (ENB.TO): Five environmental groups are asking Canada's energy regulator to deny Enbridge's request to reverse the flow in part of an oil pipeline, arguing that the company is trying to avoid a larger review for a bigger long-term project. [ID:nN1E77O1U6]

ANALYST RECOMMENDATIONS

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

* Colabor (GCL.TO) coverage started with outperform rating; C$10.50 target price at National Bank

* K Bro Linen Inc (KBL.TO) rating raised to outperform from sector perform at National Bank

* Migao Corp (MGO.TO) price target raised to C$6.50 from C$6.25; rating outperform at National Bank

* Valeura Energy VLE.V price target cut to C$0.60 from C$0.80 at National Bank ($1= $0.98 Canadian) (Reporting by Anil Kumar)

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