CANADA STOCKS-TSX may open higher, FOMC minutes eyed
July 11 |
July 11 (Reuters) - Toronto's main stock index looked set to open stronger, tracking Wall Street higher, as commodity prices rose ahead of the release of minutes from the recent Federal Reserve meeting.
* As Chesapeake Energy Corp and Encana Corp face antitrust investigations, emails reviewed by Reuters indicate that top executives of the two rivals shared sensitive information that gave Chesapeake the upper hand in deals with Michigan land owners.
* Prime Minister Mariano Rajoy announced a swathe of new taxes and spending cuts on Wednesday designed to slash 65 billion euros from the budget deficit by 2014 as recession-plagued Spain struggles to meet tough targets agreed with Europe.
* Economic growth across emerging markets eased in the second quarter of 2012, dragged down by lackluster manufacturing sector activity, especially in China and Brazil, a survey showed.
* Excellon Resources Inc The silver miner said mining operations at its La Platosa mine in Durango, Mexico was halted following an "illegal action" by local landowners at the site on Monday.
* Goldcorp Inc. : The gold miner revised its 2012 gold production outlook lower on Tuesday due to operational problems at its Red Lake mine in Ontario and its Penasquito mine in Mexico.
* Canada stock futures traded up 0.11 percent
* U.S. stock futures , , were up around 0.2 to 0.5 percent
* European shares, were up
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 290.17; rose 0.53 percent
* Gold Futures : $1,575.5; fell 0.24 percent
* US Crude : $85.01; rose 1.31 percent
* Brent Crude : $98.81; rose 0.86 percent
* LME 3-month Copper : $7,511.25; rose 0.28 percent
CANADIAN STOCKS TO WATCH
* BCE Inc. : The telecom company offered to spend C$200 million on Canadian programming and sell 10 radio stations on Tuesday as it tries to win regulatory support for its C$3 billion acquisition of Astral Media Inc.
* Tembec Inc. : The forestry company said it will indefinitely idle its high-yield pulp mill in Chetwynd, British Columbia, as the pulp market has continued to soften over the past year.
* South American Silver Corp. : Bolivia's leftist president said on Tuesday he would revoke a mining concession from the South American Silver and give the state control of the site due to violent protests over the company's plans.
Following is a summary of research actions on Canadian companies reported by Reuters.
* Alimentation Couche Tard : NBF raises price target to C$50 from C$49; Canaccord raises target to C$55 from C$50; after the company reported strong fourth-quarter results; rating outperform
* Insurance: Canaccord cuts price target on Manulife to C$13 from C$13.50; Sun Life to C$24 from C$25.50; says deterioration in equity markets, drop in interest rates should lead to another rough quarter for insurers
* Goldcorp : Credit Suisse cuts price target to $48 from $60, RBC cuts price target to $52 from $62 on U.S. listed shares after the company lowered its 2012 gold production outlook
* Fortress Paper : Canaccord Genuity cuts target price to C$38 from C$42 to reflect effect of company's recent convertible debenture financing; rating buy
* Telus Corp : NBF raises price target to C$65 from C$61; expects to see continued strength in Wireless, driven by increasing adoption of smartphones and related data revenue growth
ON THE CALENDAR
* Major Canadian economic data includes trade balance
* Major U.S. events and data includes trade balance, wholesale inventories and FOMC minutes
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