July 16, 2012 / 12:48 PM / 5 years ago

CANADA STOCKS-TSX may open lower, weak U.S. data weighs

4 Min Read

July 16 (Reuters) - Toronto's main stock index looked set to open lower on Monday, as investors remained cautious ahead of the start of U.S. Federal Reserve Chairman Ben Bernanke's two-day congressional testimony, which starts on Tuesday.

North American equity futures also extended losses after data showed U.S. retail sales fell 0.5 percent in June.

Top Stories

* Glencore International Plc has won a Canadian regulator's approval for its roughly C$6.1 billion takeover of grain handler Viterra Inc.

* The European Central Bank declined to comment on a report its president advocated imposing losses on holders of senior bonds issued by the most severely damaged Spanish savings banks in what would be a change to the ECB's previous stance.

* The billionaire co-owners of Anglo-Russian oil venture TNK-BP would be willing to sell their stake to British oil major BP Plc for cash and stock to put an end to a bitter shareholder conflict.

* Visa Inc, MasterCard Inc and banks that issue their credit cards have agreed to a $7.25 billion settlement with U.S. retailers in a lawsuit over the fixing of credit and debit card fees in what could be the largest antitrust settlement in U.S. history.

* GlaxoSmithKline is expected to announce a deal to buy Human Genome Sciences for about $2.8 billion as soon as Monday, ending a three-month hostile pursuit of the U.S. biotech company on friendly terms after sweetening its offer.

* Ford Motor Co is recalling some of its recently launched 2013 Escape compact sport-utility vehicles because a carpeting flaw may cause drivers to apply the brakes improperly, increasing stopping distances and the risk of crashes.

Market Snapshot

* Canada stock futures traded down 0.37 percent

* U.S. stock futures , , were down around 0.25 percent

* European shares, were down

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 293.71; fell 0.09 percent

* Gold Futures : $1,585.8; fell 0.36 percent

* US Crude : $86.74; fell 0.41 percent

* Brent Crude : $102.71; rose 0.3 percent

* LME 3-month Copper : $7,651.25; fell 0.63 percent

Canadian Stocks to Watch

* Excellon Resources Inc. : The miner said mining at its La Platosa silver mine in Mexico continued to remain suspended and it might run out of stockpiled material at its mill in a few days.

* Research in Motion Ltd : A northern California jury directed the BlackBerry maker to pay $147.2 million in patent litigation over a remote management system for wireless devices, according to an attorney for the plaintiff, Mformation Technologies Inc.

Analyst Recommendations

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

* NBF cuts price targets on Lundin Mining to C$5.15 from C$5.25, Teck Resources to C$37 from C$38, says retracement in metal prices to weigh on second quarter results

* NBF lowers price targets on Alacer Gold to C$10.75 from C$11, AuRico Gold to C$9 from C$10 and others; expects lower estimates for second quarter with gold price averaging below expectations

* Manulife : CIBC cuts target price to C$13 from C$1,; says the company will be hard hit due to a still noteworthy exposure to equities

* La Mancha Resources : Canaccord Genuity cuts to hold from speculative buy, cuts price target to C$3.50 from C$5 after the company agreed to be acquired by Weather II Investments for $3.50 per share in cash

* Canaccord : KBW cuts price target to C$5.50 from C$7.50 on weakness in the global markets and the delay in the closing of certain advisory transactions

On the Calendar

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

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