CANADA STOCKS-TSX may rise on recent upbeat global data; investors eye Cameco

Mon Feb 11, 2013 8:32am EST

Feb 11 (Reuters) - Canada's main stock index looked set to open higher on Monday, tracking its U.S. counterpart, as encouraging global economic data last week offset worries about political tensions in the euro zone.


* Cameco reported sharply lower quarterly profit on Friday after taking a C$168 million write-down on an Australian exploration project, and said the current quarter would likely produce weaker earnings as well.

* With the road ahead looking a bit smoother, G20 finance ministers will be happy to ignore the wreck in the rear-view mirror when they meet this week to steer a course for the world economy.

* U.S. regulators have dealt a major blow to Novo Nordisk's hopes for its new long-acting insulin Tresiba by demanding the Danish drugmaker conduct more clinical tests to assess potential heart risks.

* US Airways Group Inc and AMR Corp are nearing an $11 billion merger that would create the world's largest airline and could announce a deal within a week, after resolving key differences on valuation and management structure, people familiar with the matter said.

* Google Inc Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company, a move that could potentially net the former chief executive a $2.51 billion windfall.


* Canada stock futures traded up 0.1 percent

* U.S. stock futures , , were up around 0.25 percent

* European shares, were down


* Thomson Reuters-Jefferies CRB Index : 300.8049; fell 0.25 percent

* Gold futures : $1,657; fell 0.54 percent

* US crude : $95.59; fell 0.14 percent

* Brent crude : $117.99; fell 0.77 percent

* LME 3-month copper : $8,259; fell 0.42 percent


* Canadian National Railway Co : The railroad operator has halted a study into the feasibility of building a C$5 billion rail line to ship iron ore from northern Quebec to port, it said on Friday, as miners delay projects due to low prices.


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

* Teck Resources Ltd : Canaccord Genuity cuts price target to C$35 from C$39 after the company released a lower-than-expected operating outlook and said it anticipates the ongoing weakness in sea-borne coking coal markets to persist until at least mid-2013.

* Bank of Montreal : Barclays raises price target to C$61 from C$60, says it continues to benefit from M&I integration.

* Canadian banks: Barclays raises price target of Bank of Nova Scotia to C$58 from C$55 and of Royal Bank of Canada price target to C$61 from C$58 on expectations of a possible dividend increase given higher relative payout ratios.

* Norbord Inc : RBC raises target price to C$40 from C$36, says with a higher pricing outlook through 2013 and stable market conditions in the European panel business, the company is expected to outperform its building product peers.


* No major Canadian economic data scheduled for release .

* No major U.S. events and data scheduled for release .


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.