May 11, 2012 / 12:22 PM / 5 years ago

CANADA STOCKS-TSX may open lower on China growth, Greek worries

4 Min Read

May 11 (Reuters) - Toronto's main stock index looked set to open lower on Friday, tracking global markets, after JP Morgan's $2 billion loss hurt financial stocks and disappointing Chinese industrial data raised worries about a steeper slowdown in the world's second-largest economy.

Top Stories

* JPMorgan Chase & Co, the biggest U.S. bank by assets, said it suffered a trading loss of at least $2 billion from a failed hedging strategy, a shock disclosure that hit financial stocks and the reputation of the bank and its CEO, Jamie Dimon.

* China's economy stuttered unexpectedly in April with lower-than-expected output data, softening retail sales and easing prices suggesting economic headwinds might be stiffer than thought, requiring more robust policy responses to counter them.

* The leaders of Greece's once-dominant political parties made a last push on Friday to form a coalition and avert a new election, which a poll showed would all but wipe them out and give victory to a radical leftist who rejects an EU bailout.

* TMX Group Inc, operator of the Toronto Stock Exchange, reported a 10 percent fall in quarterly profit as revenue from its listing business halved and economic uncertainty weighed on its equity trading business.

Market Snapshot

* Canada stock futures traded down 0.54 percent

* U.S. stock futures , , were down around 0.44 percent

* European shares, were down

Commodity Price Moves

* Thomson Reuters-Jeffries CRB Index : 292.6; fell 0.68 percent

* Gold Futures : $1,586.1; fell 0.56 percent

* US Crude : $96.18; fell 0.93 percent

* Brent Crude : $112.03; fell 0.62 percent

* LME 3-month Copper : $7,988; fell 1.44 percent

Canadian Stocks to Watch

* Enerplus Corp. : The oil and gas producer reported a loss for the first quarter as prices of dry gas and natural gas liquids fell and the company said it was looking to sell some of its assets.

* Miranda Technologies Inc. : The broadcast equipment maker reported a lower quarterly profit on foreign exchange losses.

* Celtic Exploration Ltd. : The oil and gas producer posted a first-quarter loss on lower gas prices and lowered the production forecast hit by gas plant outages in Alberta.

* Osisko Mining Corp. : The company reported a profit on Thursday as it ramped up production at its Canadian Malartic gold mine, but a fire that broke out there Wednesday night shut down operations.

* North American Palladium Ltd. : The precious metals producer posted a narrower first-quarter loss as production at its flagship mine in Ontario rose.

Analyst Recommendations

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

* Canadian Tire : Barclays raises price target to C$78 from C$74, rating overweight on strong Q1 results and improved sales growth view

* Sun Life Financial : RBC cuts price target to C$22 from C$23 and Canaccord Genuity to C$26 from C$26.50 on lower earnings outlook

* Telus : CIBC raises price target to C$60 from C$58 for the telecom provider on potential for growth in both wireline and wireless segments; rating sector perform

* Tim Hortons : CIBC raises price target to C$62 from C$57 on strong 1st-qtr results and improved same-store sales; rating sector performer

* Petrominerales Ltd : CIBC cuts price target to C$21.75 from C$23.25 on concerns about future growth

On the Calendar

* Major Canadian economic data include jobs data

* Major U.S. events and data includes Producer Price Index and Michigan's preliminary May consumer sentiment index

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