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TSX may open lower; earnings eyed
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(Reuters) – Canada’s main stock index looked set to open lower on Tuesday, as investors remain wary about upcoming earnings from key U.S. and Canadian companies and progress over the debt deal by U.S. lawmakers.
Inmet asked its shareholders to reject First Quantum Minerals Ltd’s C$5.1 billion hostile offer, terming the bid inadequate.
The Bank of Japan announced its most determined effort yet to end years of economic stagnation, saying it would switch to an open-ended commitment to buying assets next year and double its inflation target to 2 percent.
German analyst and investor sentiment rose sharply for a second consecutive month in January in a sign that the euro zone crisis is no longer hitting Europe’s largest economy as hard as in late 2012.
Verizon posted a $1.93 billion quarterly loss on pension liabilities and superstorm Sandy-related charges that took the shine off a jump wireless business revenue.
Germany, France and nine other euro zone countries will get the go-ahead to push on with a financial transactions tax, a measure likely to unsettle banks but which will please voters and raise much-needed revenue.
Canada stock futures traded down 0.25 percent
U.S. stock futures,, were mixed in the range of -0.06 percent and 0.18 percent
European shares , were up
Thomson Reuters-Jefferies CRB Index : 301.6689; was unchanged
Gold futures: $1691.9; rose 0.31 percent
US crude: $95.5; fell 0.06 percent
Brent crude: $112.15; rose 0.39 percent
LME 3-month copper: $8099.5; rose 0.55 percent
Following is a summary of research actions on Canadian companies reported by Reuters.
Canadian Natural Resources Ltd. : CIBC cuts price target to C$34 from C$35 on valuation changes due to the changing macro sentiment.
CI Financial : National Bank Financial raises to outperform from sector perform, says the company remains positioned to deliver strong AUM growth given superior fund performance and its strong distribution platform.
MGM Energy Corp. : Canaccord Genuity cuts to hold from speculative buy citing the company’s recent share price appreciation.
Rona Inc. : National Bank Financial raises target price to C$12 from C$11 after the company announced changes to its board of directors including the appointment of Robert Chevrier as the executive chairman.
Shaw Communications : CIBC raises target price to C$26 from C$23 on the company’s improved cable valuations, a recent accretive deal with Rogers Communications Inc , and renewed focus on value recovery.
Major Canadian economic data includes retail sales
Major U.S. events and data includes Chicago Fed Index, existing home sales, Richmond fed manufacturing, manufacturing shipments and services revenue
(Reporting by Chandrashekhar Modi; Editing by Jeffrey Hodgson)
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