Aug 23 After posting its biggest daily
percentage gain in two weeks in the previous session, Canada's
main stock index looked set to open flat to slightly lower on
Friday even as upbeat UK and German economic data supported the
global economic growth outlook.
* Broad-based domestic demand drove the strongest German
quarterly expansion in more than a year between April and June,
fuelling optimism Europe's largest economy will outperform in
2013 and support the nascent euro zone recovery.
* A European Central Bank policymaker said he saw no reason
for an interest rate cut now, while Germany's finance minister
said the ECB has made clear it will hike rates once the economy
improves, suggesting the bank's easing bias may be fading.
* Gap Inc on Thursday reported a higher second-quarter
profit, helped by the sales gains at its namesake and Old Navy
chains and online, leading the clothing retailer to raise its
full year profit forecast and dividend.
* Autodesk Inc forecast third-quarter results below
analysts' estimates as it anticipates lower demand for its
computer-aided design software used in construction,
manufacturing and engineering industries.
* The April 2014 deadline for compensation claims against BP
over its U.S. oil spill is almost certain to be extended, say
both side of the legal settlement that governs payouts, possibly
* Canada stock futures traded down 0.04 percent
* U.S. stock futures , , were mixed in
the range of -0.01 percent to 0.1 percent
* European shares, were up
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 289.3849;
rose 0.17 percent
* Gold futures : $1,375.2; rose 0.29 percent
* US crude : $105.12; rose 0.09 percent
* Brent crude : $110.36; rose 0.42 percent
* LME 3-month copper : $7,332; rose 0.16 percent
Following is a summary of research actions on Canadian
companies reported by Reuters.
* Dorel Industries Inc : National Bank Financial
raises target price to C$35 from C$33 after the company acquired
a 70 percent interest in Caloi, a Brazilian manufacturer of
bicycles and bicycle equipment; says it is a great growth
* First Quantum Minerals Ltd : Nomura cuts to neutral
from buy, says the company is a long-term growth standout, but
rich valuation and high gearing and risk drives the downgrade.
* IC Potash Corp : Paradigm Capital cuts target
price to C$1.50 from C$2.25, to reflect higher discount rate and
capex due to the challenging financing environment.
ON THE CALENDAR
* Major Canadian economic data includes inflation data
* Major U.S. events and data includes new home sales