CANADA STOCKS-TSX set to open little changed, Fed meeting in focus

June 18 Wed Jun 18, 2014 7:28am EDT

Related Topics

June 18 (Reuters) - Canadian stocks looked set to open little changed on Wednesday as investors await the outcome of the U.S. Federal Reserve policy meeting.

June futures on the S&P TSX index <0#SXF:> were up 0.09 percent at 0715 ET.

The index rose slightly on Tuesday as strength in the financial sector helped overcome worries about the volatile situation in Iraq.

April data for wholesale trade is due at 0830 ET.

Dow Jones Industrial Average e-mini futures were up 0.04 percent at 0715 ET, while S&P 500 e-mini futures were up 0.01 percent. Nasdaq 100 e-mini futures were up 0.12 percent.

The U.S. Federal Reserve is widely expected to chop another $10 billion from its monthly bond purchases at its meeting but make few, if any, other concrete policy moves.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

The Canadian government approved the construction of Enbridge Inc's Northern Gateway pipeline on Tuesday.

Valeant Pharmaceuticals Inc said on Tuesday it would launch an exchange offer for Allergan Inc this week, allowing it to eventually take the unsolicited bid directly to shareholders.

First Quantum Minerals Ltd said on Tuesday it has agreed to buy Lumina Copper Corp for about C$456 million, in a bid to win control of Lumina's Taca Taca copper project in Argentina.

COMMODITIES AT 0715 ET

Gold futures : $1,271.2; -0.04 pct

US crude : $106.73; +0.35 pct

Brent crude : $113.48; +0.03 pct

LME 3-month copper : $6,711.00; +0.09 pct

ANALYST RESEARCH HIGHLIGHTS

Canadian Natural Resources : Barclays raises target price to C$53 from C$48

DonnyCreek Energy : Canaccord Genuity starts coverage with "speculative buy" and a C$4.50 price target

New Look Eyewear : National Bank Financial starts coverage with "outperform" rating and a target price of C$23.50

Lumina Copper : CIBC cuts rating to "sector performer" from "sector outperformer"

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 Current Account for Q1: Expected -$96.9 bln, prior -$81.1 bln

1400 Fed Funds Target Rate: Prior +0.25 pct

1400 QE Total: Prior +45.00 bln

1400 QE MBS: Prior +20.00 bln

1400 QE Treasuries: Prior +25.00 bln

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory

($1= $1.09 Canadian) (Reporting by Mononshila Deka in Bangalore; Editing by Saumyadeb Chakrabarty)

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