May 13, 2013 / 12:27 PM / in 4 years

CANADA STOCKS-TSX may open lower on weak Chinese data, commodities prices

May 13 (Reuters) - Canada’s main stock index looked set to open lower, pulled down by falling commodities prices and weak Chinese factory output data.

TOP STORIES

* China’s factory output growth was surprisingly feeble in April and fixed-asset investment slowed, rekindling concerns that the recovery is stalling and adding to pressure on policymakers to stimulate the economy.

* Elan stepped up its bid to keep its independence by agreeing a $1 billion deal to buy 21 percent of the royalties that U.S. company Theravance receives from GlaxoSmithKline for its respiratory drugs.

* SoftBank Corp is playing it rough in its attempt to keep Dish Network Corp from breaking up its $20.1 billion deal to take control of Sprint Nextel Corp.

* Chrysler Group LLC is recalling about 469,000 SUVs worldwide to update software after some circuit boards were found to be transmitting signals that trigger inadvertent gear shifts to neutral, the automaker said Saturday.

* The Obama administration is unlikely to make a decision on the Canada-to-Nebraska Keystone XL pipeline until late this year as it weighs the project’s impact on the environment and on energy security, a U.S. official and analysts said on Friday.

MARKET SNAPSHOT

* Canada stock futures traded down 0.44 percent

* U.S. stock futures , , were down around 0.29 percent to 0.35 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 288.7161; fell 0.17 percent

* Gold futures : $1,427.9; fell 0.62 percent

* US crude : $95.59; fell 0.47 percent

* Brent crude : $103.02; fell 0.86 percent

* LME 3-month copper : $7,379.15; rose 0.2 percent

CANADIAN STOCKS TO WATCH

* Barrick Gold Corp : The gold miner has estimated it must invest about $29 million to meet environmental standards at its suspended Pascua-Lama mine, a filing with Chile’s environmental regulator showed. [ID: nL2N0DR489]

ANALYSTS’ RECOMMENDATIONS

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

* Chorus Aviation : Canaccord cuts to sell from buy and downs target price to C$1.50 from C$4.75 citing business uncertainty and cost issues following first-quarter results, says dividend cut reflects potential cash challenges

* Leisureworld Senior Care : Canaccord raises target to C$15 from C$14 after the company announced an agreement to acquire assets from Speciality Care Inc for $254.2 million, says acquisition will be immediately accretive

* Wajax Corp : Raymond James cuts target to C$33.50 from C$40 after the company reported lower-than-expected first-quarter earnings and reduction in monthly dividends

ON THE CALENDAR

* No major Canadian economic data scheduled

* Major U.S. events and data includes retail sales and business inventories

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