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CANADA STOCKS-TSX may open higher on China stimulus hopes
Sept 27 |
Sept 27 (Reuters) - Canada's main stock index looked set to open higher on Thursday, after the Chinese central bank made its largest weekly injection in money markets, with investors speculating that China could launch more stimulus to boost economic growth.
* China's central bank injected a net 365 billion yuan into money markets this week, traders said, the largest weekly injection in history, as regulators struggle to maintain liquidity without producing inflation as forex inflows slow.
* Spain will announce a series of economic reforms and a tight 2013 budget, aiming to avoid the political humiliation of having Brussels impose conditions on a request for an international bailout.
* China's CNOOC Ltd believes it is poised to win Canada's go-ahead for the $15.1 billion purchase of oil producer Nexen Inc, after talks with provincial leaders boosted its confidence that Canada values China as an investor in its huge oil sands sector and as a future energy customer, sources said.
* EU regulators are preparing to charge Microsoft Corp for failing to comply with a 2009 ruling ordering it to offer users a choice of web browsers, the EU's antitrust chief said.
* Euro zone economic sentiment defied expectations of stabilization and again fell sharply in September, underlining the economic gloom brought on by the sovereign debt crisis as the euro zone sinks into a recession.
* Canada stock futures traded up 0.63 percent
* U.S. stock futures , , were up around 0.49 percent
* European shares, were up
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 305.13; rose 0.46 percent
* Gold futures : $1,754.9; rose 0.24 percent
* US crude : $90.85; rose 0.97 percent
* Brent crude : $111.03; rose 0.9 percent
* LME 3-month copper : $8,182.25; rose 0.77 percent
CANADIAN STOCKS TO WATCH
* Enbridge Inc. : Environmental groups have launched legal action against the Canadian government to force it to protect endangered species along the route of the pipeline maker's proposed C$6 billion Northern Gateway crude oil pipeline and in West Coast waters where oil tankers would pick up the Gateway crude.
Following is a summary of research actions on Canadian companies reported by Reuters.
* AGF Management Ltd. : Canaccord Genuity cuts to hold from buy, Barclays cuts target to C$12 from C$13, National Bank Financial cuts target price to C$11.50 from C$12 on the fund manager's lower-than-expected third-quarter results
* Petrobank Energy and Resources Ltd. : Barclays starts with an overweight rating citing the planned spin-out of PetroBakken and on its cash and heavy oil assets
* Sulliden Gold Corp Ltd. : Raymond James cuts target price to C$2 from C$2.90, says the Shahuindo Project in Peru could be financed by internal cash flow versus the current 50-50 debt-equity financing
ON THE CALENDAR
* No major Canadian economic data scheduled for release
* Major U.S. events and data include corporate profits, real GDP, durable goods, initial claims, pending home sales and building permits
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