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CANADA STOCKS-TSX may open higher; ECB meeting and U.S. job data eyed
July 4, 2013 / 12:26 PM / 4 years ago

CANADA STOCKS-TSX may open higher; ECB meeting and U.S. job data eyed

July 4 (Reuters) - Canada’s main stock index looked set to open higher on Thursday as investors shifted focus from Portugal and Egypt’s political turmoil to a European Central Bank meeting ahead of Friday’s U.S. and Canadian jobs data.

Volumes were expected to be much lighter than normal with the U.S. market closed for the July 4 holiday.

TOP STORIES

* Bank of Japan Governor Haruhiko Kuroda claimed some success for the central bank’s aggressive monetary stimulus, saying that the economy is on track to a steady recovery with signs inflation expectations are picking up.

* Egypt will swear in an interim leader after a tumultuous 24 hours during which the army ousted President Mohamed Mursi and vast crowds celebrated in Cairo and Alexandria amid clashes that cost 14 lives.

* The European Central Bank will leave interest rates unchanged and try to reassure investors rattled by new turmoil in Europe and the U.S. Federal Reserve’s plans to begin winding up its stimulus.

* The Bank of England, at its first policy meeting under new governor Mark Carney, said a recent rise in bond yields was not warranted by the state of the British economy and signaled it could give further guidance on interest rates next month.

* Angle Energy Inc said that it may sell itself as it estimated second quarter production to be about 10,800 barrels to 10,900 barrels of oil equivalent per day.

MARKET SNAPSHOT

* Canada stock futures traded up 0.16 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 282.3241; was flat

* Gold futures : $1,249; fell 0.25 percent

* US crude : $100.74; fell 0.5 percent

* Brent crude : $104.97; fell 0.75 percent

* LME 3-month copper : $6,929.75; fell 0.9 percent

ANALYSTS’ RECOMMENDATIONS

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

* Alimentation Couche-Tard : National Bank Financial ups target to C$69 from C$62 as a result of rolling forward earnings estimates from FY14/FY15 to FY15.

* Angle Energy Inc : National Bank Financial raises target price to C$5 from C$4.50 to reflect the appropriate takeout valuation associated with assets of the company’s characteristics.

* BCE Inc : RBC raises target price to C$42 from C$40 to reflect the acquisition of Astral Media Inc.

* Postmedia Network Canada Corp : RBC cuts target price to C$0.75 from C$1 following the company’s third-quarter results, which were below expectations on both revenues and margins.

ON THE CALENDAR

* No major Canadian economic data scheduled for the day

* No major U.S. events and data as U.S. markets are closed for Independence Day

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