CANADA STOCKS-TSX may open higher, China worries ease

Tue Jan 21, 2014 8:23am EST

Jan 21 (Reuters) - Canada's main stock index futures rose on Tuesday, with help from the Chinese central bank's 255 billion yuan injection into the market that calmed investor worries about a credit crunch in its economy.

TOP STORIES

* China's central bank moved to head off another destabilising cash squeeze with a big injection of cash - flagged in advance in a surprising act of transparency to relieve anxious markets.

* Halliburton Co reported a 31 percent rise in quarterly profit as the world's second-largest oilfield services company's push into global markets more than made up for weakness in North America.

* U.S. insurer Travelers Cos Inc reported a much better-than-expected three-fold rise in quarterly profit as the company earned higher premiums and disaster losses declined.

* Baker Hughes Inc, the world's third-largest oilfield services company, reported a slightly higher-than-expected quarterly profit, helped by a rise in revenue from the Middle East and Africa.

* Fertilizer company Agrium Inc said its fourth-quarter earnings from continuing operations will be at the lower end of its guidance due to lower sales prices.

MARKET SNAPSHOT

* Canada stock futures traded up 0.06 percent

* U.S. stock futures , , were up around 0.33 percent and 0.48 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 278.8854; fell 0.04 percent

* Gold futures : $1,248.2; fell 0.28 percent

* US crude : $94.61; rose 0.25 percent

* Brent crude : $107.68; rose 1.25 percent

* LME 3-month copper : $7,280.8; fell 0.45 percent

ANALYSTS' RECOMMENDATIONS

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

* Raging River Exploration Inc : CIBC raises price target to C$9.75 from C$8.25, based on better-than-expected production results, sees the company as one of the most attractive in the space

* Strategic Oil and Gas Ltd : CIBC cuts price target to C$0.65 from C$0.95 citing the company's lower-than-expected fourth-quarter production figures and its lower 2014 volume outlook, says it has yet to deliver consistent results out of its key growth play

ON THE CALENDAR

* Major Canadian economic data includes manufacturing sales and wholesale trade

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

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.