CANADA STOCKS--TSX set to open higher as Ukraine tensions ease

Tue Jul 22, 2014 7:57am EDT

July 22 - Stock futures pointed to a higher opening for Canada's stock market as traders saw hopes of easing of tensions between Russia and the West after rebels in Ukraine handed over the black box recorder from Malaysia flight 17 to Malaysian authorities.

September futures on the S&P TSX index <0#SXF:> were up 0.13 percent at 0755 ET.

The stock index took a step back from last week's all-time high on Monday, as a 3 percent jump in Valeant Pharmaceuticals International Inc was more than offset by declines across most major industries.

No major economic events are scheduled for the day.

Dow Jones Industrial Average e-mini futures were up 0.28 percent at 0755 ET, while S&P 500 e-mini futures were up 0.33 percent and Nasdaq 100 e-mini futures were up 0.43 percent.

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

TOP STORIES

Canadian National Railway Co, the country's largest rail operator, reported a big spike in profit as it moved record volumes of goods and made a swift recovery from last quarter's brutal winter weather.

Worried they may be given the cold shoulder by an imperious leadership, shareholders of Barrick Gold Corp, the world's biggest gold miner, are taking a "show me" approach to the company's latest management shakeup.

COMMODITIES AT 0730 ET

Gold futures : $1,307.5; -0.48 pct

US crude : $104.87; 0.27 pct

Brent crude : $108.25; 0.52 pct

LME 3-month copper : $7,043; 0.26 pct

ANALYST RESEARCH HIGHLIGHTS

Canadian National Railway : Canaccord Genuity ups target to C$69 from C$64; hold

Lundin Mining : National Bank Financial raises to outperform from sector perform

Teck Resources : National Bank Financial cuts to underperform from sector perform

U.S. ECONOMIC DATA DUE ON TUESDAY

08:30 CPI mm, SA for June: Expected +0.3 pct Prior +0.4 pct

08:30 CPI yy, NSA for June: Expected +2.1 pct Prior +2.1 pct

08:30 Core CPI mm, SA for June: Expected +0.2 pct Prior +0.3 pct

08:30 Core CPI yy, NSA for June: Expected +2.0 pct Prior +2.0 pct

08:30 CPI Index, NSA for June: Expected +238.42 Prior +237.90

08:30 Core CPI Index, SA for Jun: Prior +237.78

08:30 Real weekly earnings mm for June: Expected 0.0 pct Prior -0.1 pct

08:55 Redbook mm: Prior -0.1 pct

08:55 Redbook yy: Prior +4.1 pct

09:00 Monthly home price mm for May: Prior 0.0 pct

09:00 Monthly home price yy for May: Prior +5.9 pct

09:00 Monthly Home Price Index for May: Prior +211.4

10:00 Existing home sales for June: Expected +4.97 mln Prior +4.89 mln

10:00 Existing home sales pct change for Jun: Expected +2.0 pct Prior +4.9 pct

10:00 Rich Fed Comp. Index for July: Prior +3

10:00 Rich Fed, Services Index for Jul: Prior +9

10:00 Rich Fed manufacturing shipments for July: Prior +2

11:30 Cleveland Fed CPI for June: Prior +0.3 pct

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= $1.07 Canadian) (Reporting by Nikhil Kumar; Editing by Ted Kerr)

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