TSX may open higher buoyed by Alcoa's outlook

(Reuters) - Canada's main stock index looked set to open higher on Tuesday as investor sentiment got a boost after Alcoa opened the U.S. earnings season with an optimistic outlook for world demand.

TOP STORIES

Alcoa Inc, the largest aluminum producer in the U.S., is cautiously optimistic demand for the metal will continue to grow in 2013, helped in part by strong sales to aerospace and construction customers.

TransCanada Corp , the country's largest pipeline company, said it has been chosen by Progress Energy Canada Ltd to design, build and operate a gas transmission project in British Columbia.

Eldorado Gold Corp said it will boost gold output by 7 percent to 10 percent in 2013, as it ramps up production at its Efemcukuru mine in Turkey.

The Federal Reserve's latest stimulus plan will not do much to boost growth and raises the risk of inflation next year, Richmond Fed Bank President Jeffrey Lacker said on Tuesday, echoing remarks he made last week.

Britain's goods trade deficit narrowed in November as exports rose more than imports, official data showed on Wednesday.

The Bank of Japan will consider easing monetary policy again this month while also mulling a doubling of its inflation target to 2 percent, sources say, as the economy's weakness threatens to delay its escape from two decades of deflation.

MARKET SNAPSHOT

Canada stock futures traded up 0.14 percent

U.S. stock futures,, were up around 0.11 percent <.n/>

European shares <.fteu3>, <.stoxx> were up <.eu/>

COMMODITY PRICE MOVES

Thomson Reuters-Jefferies CRB Index <.trjcrbtr>: 295.0876; rose 0.01 percent

Gold futures: $1,658.6; fell 0.17 percent

US crude: $93.24; rose 0.1 percent

Brent crude: $112.05; rose 0.1 percent

LME 3-month copper: $8,125; rose 0.56 percent

CANADIAN STOCKS TO WATCH

Eco Oro Minerals Corp. : Colombia will create a wilderness park and prohibit mining in a region rich in gold and silver in the country's northeast where the company had hoped to produce precious metals, the government said on Tuesday.

ANALYSTS' RECOMMENDATIONS

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

Petrobank Energy And Resources Ltd. : Barclays cuts to underweight from overweight, cuts target price to C$1.25 from C$14, after the company completed the spin-out of its PetroBakken ownership stake

Goldcorp Inc. : RBC cuts target price of the U.S.-listed stock to $49 from $55 after the company provided a lower-than-expected 2013 outlook

Richelieu Hardware Ltd. : National Bank Financial cuts to sector perform from outperform on valuation with the current share price exceeding the price target

ON THE CALENDAR

Major Canadian economic data includes housing starts

No major U.S. events and data are scheduled to be released

($1= $0.98 Canadian)

(Reporting by Ayesha Sruti Ahmed)

Source: http://news.yahoo.com/tsx-may-open-higher-buoyed-alcoas-outlook-131901768--finance.html

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