June 18 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
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)
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
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