CANADA STOCKS-TSX may open lower on Syria and Fed worries

Wed Aug 28, 2013 8:19am EDT

Aug 28 (Reuters) - Tensions about possible U.S. military strikes against Syria, coupled with existing worries about the U.S. Federal Reserve's stimulus program, pushed Canadian stock index futures lower on Wednesday.

TOP STORIES

* U.N. chemical weapons investigators crossed Syria's front line into rebel-held territory for a second visit to the scene of a poison gas attack that has triggered Western plans for war.

* The Indian rupee slumped to a record low of more than 68 to the dollar on growing worries that foreign investors will continue to sell out of a country facing stiff economic challenges and volatile global markets.

* Mark Carney will use his first speech as Bank of England governor to take on his doubters who question how long he can keep interest rates at record low levels.

* Seadrill, the world's largest offshore rig operator, expects profits to soar in the next few years as energy companies move into increasingly difficult waters and raise exploration spending to satisfy the world's hunger for oil.

* Mining equipment manufacturer Joy Global Inc reported a lower profit for the third quarter and said orders fell 36 percent as a global oversupply of coal hits demand for its giant shovels and draglines.

MARKET SNAPSHOT

* Canada stock futures traded down 0.17 percent

* U.S. stock futures , , were mixed around -0.06 percent to 0.09 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 296.4167; rose 0.38 percent

* Gold futures : $1,423.7; rose 0.22 percent

* US crude : $110.48; rose 1.35 percent

* Brent crude : $115.8; rose 1.26 percent

* LME 3-month copper : $7,267.25; fell 0.65 percent

CANADIAN STOCKS TO WATCH

* Canadian Oil Sands : A coker at Syncrude's northern Alberta oil sands project is back in operation after the completion of maintenance work that started in June, the company, the largest shareholder in Syncrude, said on Tuesday.

ANALYSTS' RECOMMENDATIONS

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

* Bank of Montreal : Barclays raises target price to C$65 from C$62 after the bank's earnings beat expectations

* Bank of Nova Scotia : National Bank Financial cuts target price to C$64 from C$67, says the disappointing performance in the international banking segment stands out as the most striking aspect of the third-quarter's results

* Minera IRL Ltd : RBC cuts to sector perform from outperform and cuts price target to C$0.45 from C$0.75, says liquidity pressures remain while the company's Don Nicolas project moves forward

ON THE CALENDAR

* No major Canadian economic data scheduled for the day

* Major U.S. events and data includes pending home sales

FILED UNDER:
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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