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CANADA STOCKS-TSX to open sharply lower on Bernanke comments, China data
June 20, 2013 / 12:43 PM / 4 years ago

CANADA STOCKS-TSX to open sharply lower on Bernanke comments, China data

June 20 (Reuters) - Canadian stock market futures fell more than 1 percent on Thursday, pointing to a sharply lower open, after Fed Chairman Ben Bernanke signaled a clearer timeline for the central bank to begin to curb its monetary easing policy.

TOP STORIES

* Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economy is expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year.

* China’s factory activity weakened to a nine-month low in June as demand faltered, a preliminary survey showed, heightening the risk of a sharper second quarter slowdown and increasing the heat on the central bank to loosen policy.

* The euro zone’s private sector slump has eased more than expected this month, business surveys showed, but a continued slide in new orders suggested a full recovery is still some way off.

* Lloyds Banking Group must plug a capital shortfall of 8.6 billion pounds, Britain’s banking regulator said, a day after the government signaled plans to return the part-state owned lender to the private sector.

* Micron Inc reported a better-than-expected quarterly profit as prices for its memory chips rose, and said it was “optimistic” that its acquisition of bankrupt Japanese chipmaker Elpida Memory Inc would close in the current quarter.

MARKET SNAPSHOT

* Canada stock futures traded down 1.55 percent

* U.S. stock futures , , were down around 1.01 percent to 0.77 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 284.4992; fell 1.38 percent

* Gold futures : $1,306.5; fell 4.88 percent

* US crude : $96.91; fell 1.35 percent

* Brent crude : $104.31; fell 1.71 percent

* LME 3-month copper : $6,843.5; fell 1.67 percent

ANALYSTS’ RECOMMENDATIONS

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

* IBI Group Inc : Canaccord Genuity raises rating to hold from sell following recent share price depreciation.

* Trinidad Drilling Ltd : Paradigm Capital raises target price to C$10 from C$9.50 given the company’s improved cash position and ongoing multiple expansion in the Canadian energy services sector.

ON THE CALENDAR

* No major Canadian economic data scheduled

* Major U.S. events and data includes initial and continuing claims, Markit manufacturing PMI, existing home sales and Philly Fed index

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