September 20, 2012 / 12:57 PM / 5 years ago

CANADA STOCKS-TSX may open lower on weak PMI data

Sept 20 (Reuters) - Canada’s main stock index looked set to open lower as weak purchasing managers index data from China and Europe raised global growth concerns.

TOP STORIES

* The number of Americans filing new claims for jobless benefits fell last week, unwinding some of the weather-related spike during the previous week, but the underlying tone of the report pointed to some weakening in the labor market.

* Manufacturing in China contracted for the 11th month in a row in September, according to a private sector survey of factory managers that indicated the world’s second largest economy remains on track for a seventh quarter of slowing growth.

* The European Central Bank’s aggressive new bond-buying plan has so far failed to inspire any major improvement in business at ailing euro zone companies, unexpectedly gloomy surveys showed.

* Nexen Inc should have an easy time getting its shareholders to approve the $15.1 billion takeover of the Canadian oil and gas producer by China’s CNOOC Ltd.

* Goldcorp is considering teaming up with Mexico’s Fresnillo to develop a new precious metals venture in the central Mexican state of Zacatecas.

MARKET SNAPSHOT

* Canada stock futures traded down 0.28 percent

* U.S. stock futures , , were down around 0.3 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 307.95; fell 0.15 percent

* Gold futures : $1,762; fell 0.4 percent

* US crude : $91.85; fell 0.14 percent

* Brent crude : $108.73; rose 0.5 percent

* LME 3-month copper : $8,225; fell 1.5 percent

CANADIAN STOCKS TO WATCH

* Yellow Media Inc. : The company said the Quebec Supreme Court suspended all its debt-related obligations starting from Sept. 30, as it readies to consider the company’s recapitalization plan next month.

ANALYST RECOMMENDATIONS

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

* Allied Properties REIT : Canaccord Genuity raises target to C$33.60, says the company’s growth strategy has evolved and the size of “value-add” projects has risen dramatically

* Canadian Pacific Railway : Canaccord Genuity raises target to C$90 from C$85 citing excellent long-term EPS growth potential

* Colossus Minerals : Canaccord Genuity raises price target to C$10 from C$9 after the company announced that it entered into an agreement with Sandstorm Gold to sell SSL a gold, platinum and palladium stream over the life of the Serra Pelada mine.

* Constellation Software : National Bank Financial ups target to C$115 from C$105 on expectations of a robust pace of acquisitions in 2012 and 2013

* Sandstorm Gold Ltd. : National Bank Financial raises target to C$15.25 from C$15, says the acquisition of gold and platinum streams from Colossus’ Serra Pelada mine will be accretive to the company

ON THE CALENDAR

* No Major Canadian economic data scheduled for release

* Major U.S. events and data includes initial claims, continuing claims, Markit manufacturing PMI, lead indicators and Philly Fed index

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