TSX may open lower, FOMC eyed

(Reuters) - Canada's main stock index looked set to open lower on Tuesday, tracking Wall Street, as investors looked to the outcome from the U.S. Federal Reserve two-day meeting to gauge the health of the world's largest economy.

TOP STORIES

* The U.S. Federal Reserve is paying close attention to risks linked to its bond buying program, including the possibility of losses on its massive portfolio that might touch off a political fire storm and harm the central bank's independence.

* Canadian Pacific Railway reported a 93 percent fall in fourth-quarter profit, but said it expects 2013 adjusted earnings per share to rise more than 40 percent.

* Anglo American Plc will take a $4 billion write-down on its Minas Rio iron ore operation in Brazil after delays and cost overruns forced the mining group to increase expenditure on the project.

* Japan's government approved a $1.02 trillion draft budget for the next fiscal year that aims to nudge tax revenues above new bond sales for the first time in four years, but still relies on borrowing to cover 46.3 percent of its spending.

* Pfizer reported better-than-expected fourth-quarter results, helped by rebounding sales in emerging markets, but the drugmaker forecast earnings for 2013 that were mostly below consensus analyst expectations.

* Royal Bank of Scotland Group is close to a 500 million pounds settlement with U.S. and British authorities over claims that some of its employees submitted false Libor rates, the WSJ reported, citing people briefed on the negotiations.

MARKET SNAPSHOT

* Canada stock futures traded down 0.24 percent

* U.S. stock futures,, were down around 0.22 percent to 0.35 percent <.n/>

* European shares <.fteu3>, <.stoxx> were mixed <.eu/>

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index <.trjcrbtr>: 300.727; rose 0.02 percent

* Gold futures: $1,654.9; were unchanged

* US crude: $96.45; rose 0.01 percent

* Brent crude: $113.32; fell 0.14 percent

* LME 3-month copper: $8,045.75; fell 0.14 percent

ANALYST RECOMMENDATIONS

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

* Agrium Inc. : Susquehanna raises target price of Agrium's U.S. listed shares to $135 from $130 after the company raised its fourth-quarter earnings estimate above its previous outlook.

* Progressive Waste Solutions : National Bank Financial cuts to sector perform from outperform and says the REIT model would not be favorable for the company and would limit its ability to grow through acquisition.

* Raging River Exploration Inc. : National Bank Financial raises target price to C$5.25 from C$4.75, after the company reported year-end 2012 reserves, showing solid growth of 80 percent, exceeding expectations.

* Sierra Wireless Inc. : Jefferies raises target price of Sierra's U.S.-listed shares to $10 from $8 after the company said it will sell assets of AirCard business to NetGear for approximately $100 million.

* TMX Group Ltd : National Bank Financial raises target price to C$58 from C$54, says robust equity financing activity and relatively strong mutual fund flows in Canada suggest a rebound in trading activity.

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data include consumer confidence

(Reporting by Chandrashekhar Modi; Editing by Jeffrey Hodgson)

Source: http://news.yahoo.com/tsx-may-open-lower-fomc-eyed-134417739--sector.html

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