CANADA STOCKS-TSX may open lower, emerging market sell-off weighs

Jan 24 (Reuters) - Canada's main stock index looked set to open lower on Friday as emerging market currencies fell on a sell-off accelerated by worries surrounding China and U.S. monetary policy.

TOP STORIES

* Japanese government calculations indicate that Prime Minister Shinzo Abe cannot meet his budget-balancing promise in coming years on the current course, suggesting he may come under greater pressure from fiscal hawks for future tax increases.

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* Procter & Gamble Co, the world's largest household products maker, reported lower quarterly profit, hurt by unfavorable currency movements and lower gross profit margin.

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* Business software maker Open Text Corp's OTC.TO second-quarter results beat analysts' estimates, driven by higher license sales and customer service revenue.

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* Bristol-Myers Squibb Co's quarterly sales and earnings beat Wall Street expectations, helped by cost cuts and growing sales of its treatments for cancer, blood clots and diabetes.

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* Microsoft Corp posted a bigger-than-expected quarterly profit on Thursday, boosted by strong sales of its software and services for businesses, a solid holiday season for its new Xbox game console and Surface tablets, and a slightly lower tax bill.

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MARKET SNAPSHOT

* Canada stock futures 0#SXF: traded down 0.5 percent

* U.S. stock futures 0#SP: , 0#DJ: , 0#ND: were down around 0.54 percent to 0.71 percent Href="NewsSearch">.N

* European shares .FTEU3 , .STOXX were down Href="NewsSearch">.EU

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index .TRJCRBTR : 281.943; rose 0.02 percent

* Gold futures GCc1 : $1,269.3; rose 0.53 percent Href="NewsSearch">GOL/

* US crude CLc1 : $96.99; fell 0.34 percent Href="NewsSearch">O/R

* Brent crude LCOc1 : $106.71; fell 0.81 percent Href="NewsSearch">O/R

* LME 3-month copper CMCU3 : $7,222; rose 0.22 percent

Href="NewsSearch">MET/L

CANADIAN STOCKS TO WATCH

* Enbridge Inc ENB.TO : CEO Al Monaco said on Thursday that an amendment to the U.S. presidential permit for its Alberta Clipper pipeline, which the company needs to expand the line's capacity, will likely be delayed past a previous target of mid-2014. News Search ID:nL2N0KY01G

ANALYSTS' RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters. Href="NewsSearch">RCH/CA

* Avigilon AVO.TO : CIBC raises target price to C$50 from C$32, says introduction of a partner loyalty program will lead to 2014 sales beating consensus

* Barrick Gold Corp ABX.TO : RBC raises target price to $23 from $20 says the company's shares should re-rate higher and return to their valuation range prior to the discount created by Pascua-Lama capital escalation and a weak balance sheet

* OpenText Corp OTC.TO : CIBC raises target price to $110 from $95 based on the company's quarterly results beating estimates and its acquisition of GXS

* Semafo Inc SMF.TO : CIBC raises target price to C$4.25 from C$3 citing the company's continues to deliver steady operational results and its ability to advance development/production of new deposits at Mana

ON THE CALENDAR

* Major Canadian economic data includes inflation ECONCA

* No major U.S. events and data scheduled for release

($1= $1.10 Canadian)

(Reporting by Ayesha Sruti Ahmed in Bangalore; Editing by Stephen Powell)

((ayeshasruti.ahmed@thomsonreuters.com)(91 80 6749 4811)(Reuters Messaging:)(ayeshasruti.ahmed.thomsonreuters.com@reuters.net))

Keywords: MARKETS CANADA/STOCKS