Oct 23 (Reuters) - Canadian stock index futures pointed to a lower open on Wednesday, ahead of the Bank of Canada’s interest rate decision, as concerns about the prospect of tighter Chinese monetary policy weighed on investor sentiment.
* The European Central Bank promised on Wednesday to put top euro zone banks through rigorous tests next year, staking its credibility on a review that aims to build confidence in the sector.
* Canadian Pacific Railway Ltd, Canada’s No. 2 rail operator, reported a 45 percent jump in third-quarter profit as freight revenue rose and operating costs fell.
* Encana Corp reported its second straight quarterly profit as its oil and natural gas liquids volumes nearly doubled.
* Canadian National Railway Co, the focus of fresh scrutiny after one of its trains derailed and caught fire last weekend, reported a market-beating third-quarter profit and record revenue on Tuesday, as it announced a two-for-one stock split and share buyback plan.
* GlaxoSmithKline’s drug sales in China tumbled 61 percent in the third quarter, hit by a bribery scandal that has damaged its ability to market medicines in the country.
* Canada stock futures traded down 0.34 percent
* U.S. stock futures , , were down around 0.48 percent to 0.63 percent
* European shares, were down
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 283.8318; fell 0.51 percent
* Gold futures : $1,342.5; was unchanged 0 percent
* US crude : $96.86; fell 1.46 percent
* Brent crude : $109.63; fell 0.31 percent
* LME 3-month copper : $7,224; fell 1.47 percent
CANADIAN STOCKS TO WATCH
* Celestica Inc : The contract electronics manufacturer’s third-quarter net profit rose 31 percent, helped by higher demand from telecom companies for its networking equipment. Net income rose to $57.4 million, or 31 cents per share in the third quarter ended Sept. 30, from $43.7 million, or 21 cents per share, a year earlier. Analysts on average had expected earnings of 21 cents per share.
* Empire Co Ltd : The operator of Canadian grocery chain Sobeys said on Tuesday that Canada’s competition watchdog approved its acquisition of substantially all of Safeway Inc’s assets in Canada.
* Goldcorp : The company has secured the environmental permit it needs to progress with its copper and gold El Morro project in the north of Chile, the miner said on Tuesday.
Following is a summary of research actions on Canadian companies reported by Reuters.
* Methanex Corp : Raymond James raises target price of U.S.-listed shares to $63 from $58 after the company agreed to sell a 10 percent interest in EMethanex to Arab Petroleum Investments Corporation and on continued price momentum across global methanol markets
* Novadaq Technologies Inc : JMP Securities raises target price to $20 from $15 U.S.-listed shares following the company’s third-quarter results
ON THE CALENDAR
* Major Canadian economic data includes the Bank of Canada rate decision
* Major U.S. events and data includes import & export prices and employment index
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