June 27, 2012 / 12:42 PM / in 5 years

CANADA STOCKS-TSX set to open lower with EU leaders at odds

June 27 (Reuters) - Toronto’s resource heavy main stock index looked set to open lower on Wednesday, led by easing commodity prices, due to heightened worries on differences among key leaders in Europe ahead of a major summit.

TOP STORIES

* European leaders sound unusually divided before a high-stakes summit, with Germany’s Angela Merkel saying total debt liability would not be shared in her lifetime and giving little support to Italian and Spanish pleas for immediate crisis action.

* Commodities trader Glencore will need to sweeten its $26 billion bid for miner Xstrata or risk losing a deal it has coveted for years after key shareholder Qatar made a late demand for better terms.

* A U.S. judge on Tuesday backed Apple Inc’s request to stop Samsung Electronics selling its Galaxy Tab 10.1 tablet in the United States, giving the iPhone maker a significant win in the global smartphone and tablet patent wars.

* Barrick Gold Corp on Tuesday lost a courtroom battle over the ownership of the huge El Morro gold-copper project in Chile, after an Ontario judge dismissed claims filed by Barrick against its smaller Canadian rival Goldcorp Inc .

* Loral Space & Communications Inc has agreed to sell its satellite manufacturing subsidiary, Space Systems/Loral (SS/L) to Canadian communications rival MacDonald, Dettwiler and Associates Ltd for about $875 million.

MARKET SNAPSHOT

* Canada stock futures traded down 0.15 percent

* U.S. stock futures , , were mixed in the range of -0.05 percent to 0.17 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jeffries CRB Index : 273.41; rose 0.24 percent

* Gold Futures : $1,567; fell 0.44 percent

* US Crude : $79.39; rose 0.04 percent

* Brent Crude : $92.9; fell 0.13 percent

* LME 3-month Copper : $7,337.25; fell 0.3 percent

CANADIAN STOCKS TO WATCH

* Centerra Gold : Kyrgyzstan’s parliament on Wednesday rejected a motion to nationalise Centerra Gold’s flagship Kumtor venture, but gave a special commission until Oct. 1 to prepare a revised contract with the Canadian investor.

* Canadian Pacific Railway : The railroad operator said on Tuesday that board member Rick George has stepped down, roughly a month after a bitter proxy battle led to the resignations of the company’s top executives.

* Suncor Energy : The oil producer and refiner is seeking partnerships with Chinese companies to help build its oil sands projects as the company struggles with ballooning costs, its top executive said.

ANALYST RECOMMENDATIONS

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

* Birchcliff Energy Ltd : Canaccord Genuity cuts price target to C$4.50 from C$5 citing the natural gas producer’s level of financial leverage and exposure to weakened commodity prices

* Canadian Pacific Railway : Canaccord Genuity cuts to hold from buy and price target to C$80 from C$92, after the company cut its second-quarter outlook

* Contrans Group : CIBC cuts price target to C$10 from C$10.50 on a more cautious outlook and slowing economic growth

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes durable goods and pending home sales

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