TSX may open higher, Fed outcome eyed

(Reuters) - Canada's main stock index looked set to open higher, with all eyes on the outcome of a meeting where the U.S. Federal Reserve is expected to show it is ready to act against a weakening economy, but stop short of aggressive measures for now.

TOP STORIES

* The euro zone's manufacturing sector contracted for the 11th straight month in July as output and new orders plummeted, a business survey found.

* Talisman Energy Inc , the No.5 Canadian independent oil producer, reported a 72 percent fall in second-quarter profit on low natural gas prices and higher operating costs.

* Canadian publisher Torstar Corp reported a 68 percent fall in second-quarter profit citing weak spending by advertisers.

* The takeover of Canadian stock market operator TMX Group by a group of financial institutions has been approved by TMX's shareholders, bringing all of Canada's main securities exchanges under a single umbrella.

MARKET SNAPSHOT

* Canada stock futures traded up 0.29 percent

* U.S. stock futures,, were up around 0.3 to 0.4 percent <.n/>

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

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index <.crb>: 299.74; rose 0.08 percent

* Gold futures: $1,612.7; rose 0.14 percent

* US crude: $88.66; rose 0.68 percent

* Brent crude: $105.88; rose 0.91 percent

* LME 3-month copper: $7,500.5; fell 0.79 percent

CANADIAN STOCKS TO WATCH

* Catamaran Corp : The pharmacy benefit manager formerly known as SXC Health Solutions, posted a 27 percent increase in second-quarter profit, helped by its acquisition of HealthTran.

* Hemisphere GPS Inc. : The company, reported a quarterly loss on a severe drought in the United States, its biggest market.

* Canadian property and casualty insurer Intact Financial Corp reported a 90 percent jump in operating profit for the second quarter on higher underwriting and investment income.

* Genworth MI Canada : The mortgage insurer quarterly profit fell 5 percent on lower net premiums earned.

(Reporting By Mohit Malukani)

Source: http://news.yahoo.com/tsx-may-open-higher-fed-outcome-eyed-123339299--sector.html

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