CANADA STOCKS-TSX may open higher as Yellen pick provides relief

Reuters

Oct 9 (Reuters) - Canadian stock index futures pointed to ahigher open on Wednesday on news that U.S. President BarackObama has tapped Janet Yellen to head the Federal Reserve,though concerns over the impact of a budget deadlock could put alid on gains.

TOP STORIES

* U.S. President Barack Obama will nominate Fed number twoJanet Yellen to run the U.S. central bank, providing some reliefto markets that would expect her to tread carefully in windingdown economic stimulus. Also, Obama refused to give ground in afiscal confrontation with Republicans on Tuesday, saying hewould negotiate on budget issues only if they agree to re-openthe federal government and raise the debt limit with noconditions.

* British industrial output suffered an unexpected fall inAugust as factories cut production, casting some doubt on thepositive message about the economy from private-sector surveys.

* Costco Wholesale Corp posted a 1 percent rise in quarterlyprofit and a three percent increase in its same-store sales forthe month of September.

* Aluminium producer Alcoa Inc reported better than expectedearnings on Tuesday, as strength at the unit that sells autoparts and other complex items helped offset lower metal prices.

MARKET SNAPSHOT

* Canada stock futures traded up 0.29 percent

* U.S. stock futures , , were uparound 0.2 percent to 0.25 percent

* European shares, were mixed

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 287.8925;fell 0.24 percent

* Gold futures : $1,311.5; fell 0.96 percent

* US crude : $103.29; fell 0.19 percent

* Brent crude : $109.79; fell 0.34 percent

* LME 3-month copper : $7,167.5; fell 0.99 percent

CANADIAN STOCKS TO WATCH

* Bombardier Inc : Mexico's government will tenderthree passenger train projects next year worth 97 billion pesos,two of which will service the capital's sprawling metropolitanarea, the country's transport ministry said on Tuesday.Bombardier will likely bid on each of the rail projects, thecompany's Mexico chief said in June.

ANALYSTS' RECOMMENDATIONS

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

* Agrium Inc : Piper Jaffray raises price target ofits U.S. listed shares to $93 from $90, says the recently closedViterra acquisition and the Vanscoy potash expansion projectrepresent company specific growth catalysts over the next twoyears.

* Ritchie Bros. Auctioneers Inc : Credit Suisse cutstarget price of its U.S. listed shares to $18 from $20 after thecompany's announcement that the CEO is stepping down in 2014.

* Tourmaline Oil Corp : National Bank Financialresumes coverage with outperform; price target C$52.50, says thecompany's aggressive growth profile will continue into 2014.

ON THE CALENDAR

* No major Canadian economic data scheduled for the day

* Major U.S. events and data includes FOMC minutes 17-18meeting

Rates

View Comments (0)