Aug 26 Toronto stock futures pointed to a lower
open on Friday ahead of an eagerly awaited speech by U.S.
Federal Reserve chairman Ben Bernanke that may indicate what he
plans to do to revive the struggling U.S. economy.
FACTORS TO WATCH
* Canadian equity futures <0#SXF:> pointed to a lower open.
* U.S. stock index futures were little changed as investors
hesitated to make bets on when Federal Reserve Chairman Ben
Bernanke would announce a new stimulus plan as a volatile week
drew to a close. [.N]
* European shares fell ahead of an eagerly awaited speech by
U.S. Federal Reserve chairman Ben Bernanke that may indicate
what he will do to revive the struggling U.S. economy. [.EU]
* Asian markets were mixed with the Nikkei rising on
bargain-hunting, while Hong Kong shares fell led by losses in
heavyweight cyclical stocks.
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COMMODITY PRICE MOVES
* The Thomson Reuters-Jefferies CRB index .CRB, a global
commodities benchmark, fell 0.07 percent in early trade.
* Oil prices inched down as investors looked ahead to a
speech by the U.S. Federal Reserve chairman on the health of
the world's largest economy and top oil consumer. [O/R]
* Gold prices arrested this week's slide to rise nearly 1
percent ahead of a speech from Federal Reserve chairman Ben
Bernanke in Jackson Hole, Wyoming, later, which will be closely
watched for hints on the outlook for Fed monetary policy.
* Copper steadied with investors cautious but hopeful that
Federal Reserve Chairman Ben Bernanke will show willingness to
support the stalling U.S economy and on concerns a strike at a
copper mine in Indonesia will sap already tight
CANADIAN STOCKS TO WATCH
* Royal Bank of Canada (RY.TO): The bank's third-quarter
profit from continuing operations rose about 13 percent, driven
by strong Canadian retail banking and capital markets income.
* Mosaid Technologies MSD.TO: The patent licensing firm
said on Thursday it would finish its review of a C$480 million
hostile takeover bid from rival WiLan (WIN.TO) by Sept. 7, and
asked shareholders to take no action before then.
* Cameco Corp. (CCO.TO). The uranium producer said it plans
to buy its junior peer Hathor Exploration Ltd HAT.TO for
about C$520 million in cash, after talks for a potential
board-supported deal failed. [ID:nL4E7JQ275]
* Enbridge Inc. (ENB.TO): Five environmental groups are
asking Canada's energy regulator to deny Enbridge's request to
reverse the flow in part of an oil pipeline, arguing that the
company is trying to avoid a larger review for a bigger
long-term project. [ID:nN1E77O1U6]
Following is a summary of research actions on Canadian
companies reported by Reuters. [RCH/CA]
* Colabor (GCL.TO) coverage started with outperform rating;
C$10.50 target price at National Bank
* K Bro Linen Inc (KBL.TO) rating raised to outperform from
sector perform at National Bank
* Migao Corp MGO.TO price target raised to C$6.50 from
C$6.25; rating outperform at National Bank
* Valeura Energy VLE.V price target cut to C$0.60 from
C$0.80 at National Bank ($1= $0.98 Canadian)
(Reporting by Anil Kumar)