CANADA STOCKS-TSX may open higher, global growth outlook supports

Wed Jan 15, 2014 8:22am EST

Jan 15 (Reuters) - Canada's main stock index looked set to extend previous session's gains on Wednesday, mirroring global markets, after the World Bank's positive global growth outlook buoyed investor sentiment.

TOP STORIES

* The World Bank on Tuesday raised its forecast for global growth for the first time in three years as advanced economies started to pick up pace, led by the United States.

* Bank of America, the second-largest U.S. bank, reported an eight-fold jump in fourth-quarter profit, driven by a steep fall in provisions to cover bad loans.

* Auto parts maker Magna International Inc forecast 2014 sales below analysts' expectations due to lower revenue in its complete vehicle assembly business.

* Deutsche Bank, Germany's biggest bank, suspended several currency traders in New York in an internal probe, part of an international investigation into alleged manipulation of the global currency markets, a source familiar with the matter said.

* A Japan Airlines Boeing 787 Dreamliner remained grounded at Tokyo's Narita International Airport as regulators demanded checks to see if the aircraft was fit to fly, a day after white smoke vented from the plane and a battery cell showed signs of melting.

MARKET SNAPSHOT

* Canada stock futures traded up 0.06 percent

* U.S. stock futures , , were up around 0.21-0.35 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 277.3225; fell 0.02 percent

* Gold futures : $1,241.1; fell 0.2 percent

* US crude : $92.91; rose 0.35 percent

* Brent crude : $106.12; fell 0.25 percent

* LME 3-month copper : $7,290.75; rose 0.15 percent

CANADIAN STOCKS TO WATCH

* Allied Nevada Gold Corp : The gold miner questioned the credibility of a takeover offer that caused shares of the company to jump on Tuesday, saying that investors should review the hastily withdrawn release with caution.

ANALYSTS' RECOMMENDATIONS

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

* Canexus Corp : CIBC cuts to sector performer from sector outperformer, and target price to C$7.50 from C$9 after the company increased its capex estimates

* Cogeco Cable Inc : CIBC raises to sector outperformer from sector performer and target price to C$56 from C$53, as the company's EBITDA was a touch off given higher corporate costs in the quarter

* Paladin Energy : Raymond James raises to market perform from underperform and target price to C$0.50 from C$0.30, to reflect greater likelihood of Langer sale success

ON THE CALENDAR

* Major Canadian economic data includes manufacturing sales

* Major U.S. events and data include producer prices, Beige book

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

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article