Jan 31 Canada's main stock index looked set to
open lower on Thursday, after the Federal Reserve said in its
latest statement that economic growth had stalled and as weak
German retail sales data hurt investor sentiment.
* The Federal Reserve on Wednesday left in place its monthly
$85 billion bond-buying stimulus plan, arguing the support was
needed to lower unemployment even as it indicated a recent stall
in U.S. economic growth was likely temporary.
* Potash Corp of Saskatchewan reported a
bigger-than-expected 38 percent drop in quarterly profit on
Thursday as key potash buyers China and India stayed out of the
market, but the company forecast a modest rebound in earnings
* Research In Motion Ltd on Wednesday unveiled the
long-delayed line of smartphones it hopes will put it on the
comeback trail, but it disappointed investors by saying U.S.
sales of its all-new BlackBerry 10 devices will not start until
* Facebook Inc doubled its mobile advertising revenue in the
fourth quarter, a sign that the social network is seeing early
success in expanding onto handheld devices as more of its users
migrate to smartphones and tablets.
* German retail sales tumbled by their largest amount in
over three years in December, preliminary data showed, denting
hopes that private consumption can compensate for weaker exports
and lift Europe's largest economy this year.
* Spain's Santander has sharply raised provisions against
bad loans after defaults rose in its home market and key
earnings-driver Brazil, while writedowns on rotten Spanish real
estate also contributed to a 59 drop in yearly net profit.
* Canada stock futures traded down 0.2 percent
* U.S. stock futures , , were mixed
around -0.01 percent and 0.04 percent
* European shares, were down
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 305.0439;
fell 0.06 percent
* Gold futures : $1,674.8; fell 0.3 percent
* US crude : $97.76; fell 0.18 percent
* Brent crude : $114.91; rose 0.01 percent
* LME 3-month copper : $8,223.5; fell 0.03 percent
CANADIAN STOCKS TO WATCH
* Agrium Inc : The fertilizer company expects North
American potash producers to strike a deal with Indian importers
in February or March, ending a long standoff, CEO Mike Wilson
said on Wednesday.
* JDS Uniphase Corp : The company reported a
quarterly profit on higher demand for its products used in
broadband networks in the Americas.
* Turquoise Hill Resources : Rio Tinto Plc said its
Oyu Tolgoi project in Mongolia is on track to reach commercial
production in the first half of 2013, countering a media report
saying the company was considering a temporary halt to
construction work because of political issues.
Following is a summary of research actions on Canadian
companies reported by Reuters.
* AGF Management Ltd : National Bank Financial
raises target price to C$11 from C$9.50 on an increased
valuation after the company reported fourth-quarter results.
* Altagas Ltd : CIBC raises price target to C$37.50
from C$35 after news of plans to form a 50/50 joint venture with
Idemitsu Kosan Co Ltd to pursue opportunities involving the
export of LPG and LNG from Canada to Asia.
* CGI Group : CIBC raises price target to C$31 from
C$30 citing the company's solid first-quarter results and growth
in its U.S. operations.
* KEY Real Estate Investment Trust : CIBC raises to
sector performer from sector underperformer and raises price
target to C$7 from C$5.75 after Huntington Capital Corp
announced its intention to make an all-cash offer to purchase up
to 6.6 million units of the company.
* Teranga Gold Corp. : CIBC cuts price target to
C$2.50 from C$3 after the company's updated reserve statement
for Sabodala showed a decrease in reserve ounces.
ON THE CALENDAR
* Major Canadian economic data includes GDP, producer prices
and raw materials
* Major U.S. events and data includes personal income and
consumption, PCE price index, initial claims, continuing claims
and Chicago PMI