TSX may open higher; Bernanke's testimony eyed

(Reuters) - Canada's main stock index looked set to open higher on Tuesday as investors awaited U.S. Federal Reserve Chairman Ben Bernanke's testimony to Congress on Wednesday.

TOP STORIES

German analyst and investor sentiment unexpectedly worsened in July, reflecting economic tensions in the euro zone and a global slowdown that is hitting exports, a survey showed.

Mosaic reported lower quarterly profit as phosphate and potash prices slipped.

Goldman Sachs Group Inc's quarterly profit doubled as the bank made more money trading bonds before an interest-rate spike hit markets in June.

Coca-Cola Co said its quarterly profit fell due to ongoing economic malaise and unusually poor weather.

MARKET SNAPSHOT

Canada stock futures traded up 0.38 percent

U.S. stock futures,, were mixed around -0.08 percent and 0.07 percent <.n/>

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

COMMODITY PRICE MOVES

Thomson Reuters-Jefferies CRB Index <.trjcrbtr>: 288.9169; rose 0.55 percent

Gold futures: $1,283.2; rose 0.13 percent

US crude: $107.05; rose 0.69 percent

Brent crude: $109.5; rose 0.38 percent

LME 3-month copper: $6,972; rose 0.8 percent

ANALYSTS' RECOMMENDATIONS

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

Loblaw Companies : CIBC raises target to C$53 from C$48, says the company is just getting its core business under control before heading into a more competitive second half.

Mercer International Inc : RBC cuts to sector perform from outperform, sees limited momentum in global pulp markets and few catalysts for the company's shares over the next 12 months.

Tembec : RBC cuts to sector perform from outperform on rising concerns with the company's increased debt.

WiLan Inc : Canaccord Genuity cuts target price to C$6.60 from C$7 as the company received a negative judgment in its 3GPP trial with Alcatel Lucent, Ericsson, HTC and Sony.

ON THE CALENDAR

Major Canadian economic data includes manufacturing sales

Major U.S. events and data includes CPI, industrial output, manufacturing output, Redbook and net capital inflows

(Reporting by Samarendra Sahoo in Bangalore; Editing by Jeffrey Hodgson)

Source: http://news.yahoo.com/tsx-may-open-higher-bernankes-testimony-eyed-122851255.html

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