May 15, 2013 / 12:22 PM / in 4 years

CANADA STOCKS-TSX may open lower on disappointing euro zone data

May 15 (Reuters) - Canada’s main stock index looked set to open lower after data showed euro zone contracted for the sixth straight quarter, marking its longest recession since 1995.

TOP STORIES

* Germany’s economy crept back into growth at the start of the year but not enough to stop the euro zone from contracting for a sixth straight quarter. France slid back into recession.

* The Bank of England upgraded its growth outlook modestly 0nd penciled in a faster fall in inflation.

* First Majestic Silver Corp cut its 2013 capital expenditure by 16 percent due to a decline in silver prices and warned it could make further cuts later in the year.

* VimpelCom, with assets in Russia, Italy and various emerging markets, reported a 28 percent rise in first-quarter earnings as it cut costs, but profits lagged market expectations.

* Wal-Mart Stores Inc stepped up Bangladesh factory inspections while U.S. and European retailers pursued separate accords to try to prevent another disaster in a garment industry where more than 1,200 workers have died in the past six months.

MARKET SNAPSHOT

* Canada stock futures traded down 0.07 percent

* U.S. stock futures , , were down around 0.01 percent to 0.12 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 286.6824; fell 0.52 percent

* Gold futures : $1,409.6; fell 1.06 percent

* US crude : $93.21; fell 1.06 percent

* Brent crude : $102.27; fell 0.32 percent

* LME 3-month copper : $7,113.5; fell 1.82 percent

CANADIAN STOCKS TO WATCH

* Agrium Inc : Canada’s Competition Bureau has not raised any concerns about the company’s proposed purchase of 232 farm supply stores from Glencore Xstrata Plc, even though its review has taken months longer than expected, a senior official said.

ANALYSTS’ RECOMMENDATIONS

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

* Aimia Inc : Canaccord Genuity cuts target to C$18.30 from C$18.60, says the company’s valuation is particularly attractive in comparison to its Canadian media comparables

* Fortress Paper : Canaccord Genuity cuts target price to C$8 from C$13 as the company reported lower-than-expected results in its first quarter

* Granite REIT : RBC raises target to C$43 from C$42, says the first quarter provides a good indication of the firm’s cash flow

* Legacy Oil + Gas Inc : Raymond James raises rating to strong buy from outperform based on valuation

ON THE CALENDAR

* Major Canadian economic data includes manufacturing sales

* Major U.S. events and data includes producer price index and industrial output data

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