CANADA STOCKS-TSX may open higher; Germany data supports

Feb 24 (Reuters) - Canadian stock index futures pointed to a higher open on Monday after an unexpected rise in German business morale boosted recent optimism over economic recovery in the euro zone.


* German Bund futures fell to the day’s low after the Ifo business climate index in Europe’s powerhouse economy rose to 111.3 from 110.6 last month. The German data lifted European shares out of a funk caused by signs of credit restrictions in China’s property sector.

* Euro zone consumer prices fell in January at their fastest ever pace on a monthly basis, dragged down by a slump in the cost of non-energy industrial goods, keeping annual inflation well below the European Central Bank’s target.

* China’s home price rises eased for the first time in 14 months in January, the latest sign that the government’s over four-year campaign to rein in property risk may finally be starting to bite.

* HSBC missed market expectations with a 9 percent increase in annual pretax profit and warned of greater volatility in emerging markets this year.

* German drug firm Bayer has clinched a $2.9 billion deal to take over Norwegian cancer drug maker Algeta after being tendered 92.17 percent of the shares in a cash offer, the companies said.


* Canada stock futures traded up 0.31 percent

* U.S. stock futures , , were up modestly

* European shares, were mixed


* Thomson Reuters-Jefferies CRB Index : 303.4677; rose 0.4 percent

* Gold futures : $1,336; rose 0.91 percent

* US crude : $102.19; fell 0.01 percent

* Brent crude : $109.66; fell 0.17 percent

* LME 3-month copper : $7,059.75; fell 1.33 percent


* BlackBerry Ltd : The smartphone maker said it will make its messaging service BBM available to Microsoft’s Windows Phone and the upcoming Nokia X platforms in the coming months.

* TransCanada Corp : A small Nebraska state commission that has never considered a major oil pipeline route could soon play a pivotal role in deciding the fate of the Keystone XL pipeline, a project brimming with political risk for both the U.S. and Canadian governments.


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

* Atco Ltd : CIBC raises price target to C$54 from C$51 citing above-consensus fourth-quarter results, improved industry outlook and an increased capex estimate for Vanscoy

* Canadian Utilities Ltd : CIBC raises price target to C$42.50 from C$41 after the company’s 2014 guidance beat estimates

* Chemtrade Logistics Income Fund : CIBC raises price target to C$22 from C$21 due to the company’s acquisition of General Chemical as it diversifies its revenue mix, adds scale to its existing platform and increases its geographical presence in the U.S.

* Enerplus Corp : Barclays raises target price to C$25 from C$23 based on the company’s in-line fourth-quarter results and increase in reserves

* OceanaGold Corp : CIBC raises price target to C$3 from C$2.15 citing the company’s better-than-expected fourth-quarter results and its guidance to reduce debt in 2014


* No major economic events scheduled for the day

* Major U.S. events and data includes Markit Services PMI