TORONTO, Sept 8 (Reuters) - Toronto's main stock index looked set to open higher on Wednesday as gold prices rose for a third day, but gains could be offset by weaker oil and base metals, with investors also looking to the Bank of Canada's interest rate decision.
FACTORS TO WATCH
* Canadian equity futures pointed to a stronger open.
* Twenty-five of 41 forecasters polled by Reuters expected the Bank of Canada to raise its overnight target rate to 1 percent from 0.75 percent.
* U.S. stock index futures rose, tracking a turnaround in European stocks and ahead of comments from the Federal Reserve on the state of the economy.
* European shares firmed, as BP lifted oil majors after it released a report into its Gulf of Mexico oil spill, offsetting falls in banks on concerns over the financial sector's resilience.
* Markets in Asia fell, led by shares in Japan's big exporters as a rise in the yen to a new 15-year high threatened to erode their overseas earnings.
* The Canadian dollar traded sideways against the greenback as investors waited to find out whether domestic interest rates will rise for the third time this year.
COMMODITY PRICE MOVES
* The Thomson Reuters-Jefferies CRB index, a global commodities benchmark, fell 0.13 percent in early trade.
* Gold rose for a third day, nearing another record high as the waves of nervousness over the global economy steered investors into perceived safe-haven assets.
* Oil fell to around $74 a barrel, declining for a third straight session, but gaining European equity markets helped pare losses.
* Copper eased as global growth jitters and concerns about the health of the European banking system weighed on prices.
CANADIAN STOCKS TO WATCH
* Anatolia Minerals Development Ltd: The gold producer agreed to buy Australia's Avoca Resources for C$1.01 billion ($962 million) to create an intermediate global gold producer.
* Suncor Energy Inc: The company agreed to sell non-core UK North Sea assets to an affiliate of Dana Petroleum for C$390 million.
* Research In Motion: The BlackBerry maker bought some of the assets of Documents To Go developer DataViz and hired most of its workers to focus on supporting its smartphone platform, RIM said on Tuesday.
* Forzani Group: The retailer on Tuesday posted a narrower second-quarter loss than a year earlier but fell short of analyst forecasts, saying weak consumer confidence was holding back business at its retail stores.
ANALYST RECOMMENDATIONS
Following is a summary of research actions on Canadian companies reported by Reuters.
* Allied Properties REIT price target raised to C$22 from C$20.50 at Raymond James
* Boardwalk REIT rating cut to market perform from outperform at Raymond James
* Calloway REIT price target raised to C$24.75 from C$22.25 at Raymond James
* Cominar REIT rating cut to market perform from outperform at Raymond James
* First Capital Realty price target raised to C$16.50 from C$15.25 at Raymond James
* Killam Properties price target raised to C$10.25 from C$9.75 at Raymond James
* RioCan REIT price target raised to C$21.75 from C$21.50 at Raymond James
* H&R REIT price target raised to C$21.50 from C$19.50 at Raymond James
($1= $1.05 Canadian)
(Reporting by Bangalore newsroom and Claire Sibonney; Editing by Jeffrey Hodgson) Keywords: MARKETS CANADA/STOCKS (claire.sibonney@reuters.com; +1 416 941 8142; ReutersMessaging: claire.sibonney.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
FACTORS TO WATCH
* Canadian equity futures pointed to a stronger open.
* Twenty-five of 41 forecasters polled by Reuters expected the Bank of Canada to raise its overnight target rate to 1 percent from 0.75 percent.
* U.S. stock index futures rose, tracking a turnaround in European stocks and ahead of comments from the Federal Reserve on the state of the economy.
* European shares firmed, as BP lifted oil majors after it released a report into its Gulf of Mexico oil spill, offsetting falls in banks on concerns over the financial sector's resilience.
* Markets in Asia fell, led by shares in Japan's big exporters as a rise in the yen to a new 15-year high threatened to erode their overseas earnings.
* The Canadian dollar traded sideways against the greenback as investors waited to find out whether domestic interest rates will rise for the third time this year.
COMMODITY PRICE MOVES
* The Thomson Reuters-Jefferies CRB index, a global commodities benchmark, fell 0.13 percent in early trade.
* Gold rose for a third day, nearing another record high as the waves of nervousness over the global economy steered investors into perceived safe-haven assets.
* Oil fell to around $74 a barrel, declining for a third straight session, but gaining European equity markets helped pare losses.
* Copper eased as global growth jitters and concerns about the health of the European banking system weighed on prices.
CANADIAN STOCKS TO WATCH
* Anatolia Minerals Development Ltd: The gold producer agreed to buy Australia's Avoca Resources for C$1.01 billion ($962 million) to create an intermediate global gold producer.
* Suncor Energy Inc: The company agreed to sell non-core UK North Sea assets to an affiliate of Dana Petroleum for C$390 million.
* Research In Motion: The BlackBerry maker bought some of the assets of Documents To Go developer DataViz and hired most of its workers to focus on supporting its smartphone platform, RIM said on Tuesday.
* Forzani Group: The retailer on Tuesday posted a narrower second-quarter loss than a year earlier but fell short of analyst forecasts, saying weak consumer confidence was holding back business at its retail stores.
ANALYST RECOMMENDATIONS
Following is a summary of research actions on Canadian companies reported by Reuters.
* Allied Properties REIT price target raised to C$22 from C$20.50 at Raymond James
* Boardwalk REIT rating cut to market perform from outperform at Raymond James
* Calloway REIT price target raised to C$24.75 from C$22.25 at Raymond James
* Cominar REIT rating cut to market perform from outperform at Raymond James
* First Capital Realty price target raised to C$16.50 from C$15.25 at Raymond James
* Killam Properties price target raised to C$10.25 from C$9.75 at Raymond James
* RioCan REIT price target raised to C$21.75 from C$21.50 at Raymond James
* H&R REIT price target raised to C$21.50 from C$19.50 at Raymond James
($1= $1.05 Canadian)
(Reporting by Bangalore newsroom and Claire Sibonney; Editing by Jeffrey Hodgson) Keywords: MARKETS CANADA/STOCKS (claire.sibonney@reuters.com; +1 416 941 8142; ReutersMessaging: claire.sibonney.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.