4 Min Read
Nov 25 (Reuters) - Canadian stocks looked set to open lower on Friday as the lack of progress by European leaders on resolving the euro debt crisis and growing concern about the health of the global economy sapped investor confidence.
With no convincing progress in sight on solving the euro zone debt crisis, investors were shunning riskier assets to raise cash or cover losses.
* Canadian equity futures <0#SXF:> pointed to a lower open.
* U.S. stock index futures pointed to a weaker open for equities as Wall Street returned to work after U.S. Thanksgiving Day. [.N]
* European stocks fell early, losing ground for the ninth time in 10 sessions and on track to post their biggest weekly loss in two months, dragged down by deepening worries over the health of the global economy and the euro zone debt crisis. [.EU] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ To receive an early e-mail of Reuters Morning News Call - Canada -- a preview of market moving news -- Thomson Reuters subscribers can register at [CA/MNC] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.56 percent in early trade.
* Oil prices fell as worries about Europe's debt crisis helped send the dollar to fresh highs against the euro, outweighing the support offered by the prospect of European sanctions against Iranian crude. [O/R]
* Gold fell, coming under pressure from the weakness in the euro on the back of the discord among European leaders on how to contain the debt crisis, in spite of global holdings of metal in exchange-traded funds hitting a fresh record high. [GOL/]
* Copper fell, on track for a fourth straight week of losses, on concerns about demand as the euro zone debt crisis deepened, the dollar firmed and investors started feeling the effects of tightening credit in the metals market. [MET/L]
* TMX Group X.TO: A Canadian consortium aiming to buy the operator of the country's largest exchanges, said the C$3.8 billion deal would likely win regulatory approval, its hopes boosted by a first day of hearings on Thursday. [ID:nN1E7AN12I]
* Kinross Gold Corp (K.TO): The company adjusted its forecast for depreciation, depletion and amortization in 2011 to about $600 million against previously stated forecast was $651 million. [ID:nASA038HJ]
* Black Diamond Group Ltd. BDI.TO: The company has entered into a definitive agreement to purchase all the assets of Oilfield Rental assets, effective November 1, 2011, for C$7.4 million cash.[ID:nASA038HF]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
* Candente Copper Corp DNT.TO rating cut to sector perform from outperform; price target cut to C$1.65 from C$2.10 at National Bank Financial
* Industrial Alliance Insurance IAG.TO price target cut to C$31 from C$33 at CIBC
* Manulife Financial Corp MFC.TO price target cut to C$13.50 from C$15 at CIBC
* NAL Energy Corp NAE.TO rating cut to sector perform from outperform; price target cut to C$9 from C$11 at National Bank Financial
* Sun Life Financial Inc (SLF.TO) price target cut to C$22 from C$26 at CIBC ($1= $1.05 Canadian) (Reporting By Chandra Ramarathnam)