Canada's main stock index looked set to open lower on Monday after Federal Reserve officials hinted that the central bank could halt its asset purchases program in 2013.
The S&P/TSX composite index grew 70.37 points to end Friday at 12,540.81. Futures were down 0.3% Monday morning.
The Canadian dollar eked ahead 0.03 cents to 101.38 cents U.S. Monday morning
Canaccord Genuity raised the target price of U.S. listed shares of Valeant Pharmaceuticals International Inc. : to $74 from $70 on revenue, EPS growth in line with expectation, potential upside to 2013 guidance and the strong likelihood of additional M&A activity
Canaccord Genuity also raised the target price for Bank of Montreal from $66 to $68; Bank Of Nova Scotia to $67 from $62; RBC to $70 from $65 and TD Bank to $98 from $92 on cyclical and improved investor sentiments. It believes that the banks' near-term earnings growth guidance will be augmented by acquisitions and some buy back activity
ON BAYSTREET
The TSX Venture Exchange gained 2.05 points Friday to 1,228.22
ON WALLSTREET
Investors head into the week looking to the latest round of quarterly earnings to provide direction, with little major news expected Monday.
Futures for the Dow Industrials sagged 17 points, or 0.1%, to 13,329. Futures for the S&P 500 gave up 2.30 points, or 0.2%, to 1,455.40, and futures for the tech-rich Nasdaq dipped 4.25 points, or 0.2%, to 2,708.75
Aluminum producer Alcoa will be the first major firm to report fourth-quarter earnings after the closing bell Tuesday.
Shares of Bank of America were higher in premarket trading after it announced a $10.3-billion U.S. settlement with Fannie Mae to resolve current and future repurchase claims on loans that were originated before December 31, 2008.
European markets were narrowly weaker in afternoon trading but found support from gains in the banking sector, while Asian markets ended mixed. The Shanghai Composite added 0.4%, while Hong Kong's Hang Seng advanced 0.1%. Japan's Nikkei dropped 0.8%, despite media reports indicating the government is preparing a fiscal stimulus package
Oil prices eased 46 cents to $92.63 cents U.S. a barrel
Gold prices inched up 10 cents an ounce to $1,649 U.S.
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