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CANADA STOCKS-TSX may open higher on robust Chinese export data
January 10, 2013 / 1:35 PM / 5 years ago

CANADA STOCKS-TSX may open higher on robust Chinese export data

Jan 10 (Reuters) - Canada’s main stock index looked set to open higher on Thursday after better-than-expected Chinese export data lured investors to riskier assets.

TOP STORIES

* China’s export growth rebounded surprisingly sharply to a seven-month high in December, a strong finish to the year after seven straight quarters of slowdown, but subdued global demand means that the spike may not herald an enduring recovery.

* The European Central Bank held interest rates at a record low of 0.75 percent on Thursday, refraining from a cut following fledgling signs of life in the euro zone economy and with inflation still above target.

* Three of the top U.S. cellphone carriers signaled they would support Research In Motion’s BlackBerry 10 products, the first of which are due to be unveiled Jan 30, offering a hopeful sign for RIM’s comeback effort.

* The Bank of England kept its powder dry, voting as expected not to buy more government bonds despite the economy teetering on the verge of another contraction.

* General Motors Co’s European division Opel is not up for sale, Steve Girsky, vice chairman of the U.S. car maker, said.

MARKET SNAPSHOT

* Canada stock futures traded up 0.41 percent

* U.S. stock futures , , were up around 0.23 percent and 0.44 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 296.2897; rose 0.63 percent

* Gold futures : $1,654.8; was unchanged 0 percent

* US crude : $94.1; rose 1.07 percent

* Brent crude : $112.7; rose 0.84 percent

* LME 3-month copper : $8,148.75; rose 0.85 percent

CANADIAN STOCKS TO WATCH

* Yamana Gold Inc estimated fourth-quarter production of about 322,800 gold equivalent ounces, and lowered its gold production forecast for 2013.

* Jean Coutu Group Inc. : The pharmacy chain reported a 10 percent rise in third-quarter profit as sales at its generic drug manufacturing subsidiary, Pro Doc, rose.

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters.

* Eldorado Gold Corp : Raymond James cuts target price of its U.S. listed shares to $18 from $20 after it provided a modestly lower production outlook over the next four years

* TransForce Inc. : CIBC raises target price to C$24.50 from C$21.00 citing earnings growth and improved margins

* TransCanada Corp. : CIBC raises target price to C$49.50 from C$46.50 following the announcement, it got a $5 billion Prince Rupert gas transmission project

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes initial claims, continuing claims and wholesale inventories

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