CANADA STOCKS-TSX may open higher on expectation of ECB action

Aug 7 (Reuters) - Canada's main stock index looked set to open higher on Tuesday, as markets remained optimistic that the European Central Bank was edging towards a new plan to resolve the region's crisis and prevent the collapse of the euro.

TOP STORIES

* Enbridge Inc. : The pipeline operator plans to restart a pipeline that leaked more than 1,000 barrels of crude onto a Wisconsin field after receiving the green light from U.S. regulators.

* Harry Winston : BHP Billiton is in talks with the Canadian mining and retail group about a sale of its diamond business, the Financial Times reported.

* Canadian oil exploration and production company Gran Tierra Energy Inc's quarterly profit fell nearly 59 percent as production was hit by pipeline disruptions.

* A massive fire struck at the core of Chevron Corp's large Richmond, California, refinery on Monday, spewing flames and a column of smoke into the air, threatening a prolonged outage that may increase prices of the costliest U.S. gasoline.

* Anglo-Swiss miner Xstrata, in the throes of a $26 billion takeover bid, posted a smaller-than-expected 31 percent drop in first-half profit as cost cuts helped cushion the impact of weaker prices and reduced copper production.

MARKET SNAPSHOT

* Canada stock futures traded up 0.48 percent

* U.S. stock futures , , were up around 0.22-0.54 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 302.81; rose 0.35 percent

* Gold futures : $1,614.2; rose 0.08 percent

* US crude : $92.48; rose 0.3 percent

* Brent crude : $110.44; rose 0.81 percent

* LME 3-month copper : $7,560.65; rose 0.92 percent

CANADIAN STOCKS TO WATCH

* First Quantum Minerals : The Canadian miner has partnered with a Zambian company to develop a new copper mine in central Zambia, the company's director said on Monday.

ANALYST RECOMMENDATIONS

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

* Canadian banks: Barclays downgrades BMO and RBC on expectations of lower earnings growth and upgrades Bank of Nova Scotia and National Bank on expectations of above-average growth

* CI Financial : National Bank Financial raises to sector perform from underperform citing second-quarter results inline with estimates and CIX having an edge over its peers at retaining assets

* GMP Capital : CIBC cuts target to C$9 from C$13.50 on weak second-quarter results

* SNC Lavalin : NBF cuts price target to C$42 from C$45 and rates sector perform after the company reduced full year earnings outlook

* Telus Corp. : Macquarie raises price target to C$67 from C$62 and Canaccord Genuity raises target to C$70 from C$66 after the company reported better-than-expected second-quarter results

ON THE CALENDAR

* Major Canadian economic data includes building permits and Ivey PMI