CANADA STOCKS-TSX set to open lower after weak jobs data

Fri Dec 3, 2010 8:49am EST
 
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 Dec 3 (Reuters) - Toronto's main stock index looked set to
open lower on Friday following unexpectedly weak U.S. jobs
data, a tepid Canadian employment report and soft results from
Royal Bank of Canada. (RY.TO: Quote).
 FACTORS TO WATCH
 * Canadian equity futures <0#SXF:> pointed to a lower
open.
 * U.S. stock index futures turned negative on Friday after
data from the Labor Department showed nonfarm payrolls rose by
39,000 in November, far less than forecast. [.N]
 * Canadian employers hired 15,200 workers in November,
slightly below expectations, as layoffs in the manufacturing
sector almost offset gains in health care, trade and other
services. [ID:nN03271210]
 COMMODITY PRICE MOVES
 * The Thomson Reuters-Jefferies CRB index .CRB, a global
commodities benchmark, was up 0.21 percent in early trade.
 * U.S. crude oil futures prices turned lower on Friday
after a report showed nonfarm payrolls in the United States
added fewer jobs than expected in November. [O/R]
 * Gold rose back above $1,390 an ounce, close to its
strongest in three weeks. [GOL/]
 * Copper edged up renewing a push towards record highs on
easing worries over the euro zone debt crisis and expectations
of improving U.S. demand, as focus shifted to a U.S jobs report
later. [MET/L]
 CANADIAN STOCKS TO WATCH
 * Western Coal WTN.TO: The U.S.-based mining group Walter
Energy Inc is to buy the coal miner for C$3.3 billion to create
the world's leading producer of metallurgical coal used by
steelmakers. [ID:nLDE6B20EU]
 * Royal Bank of Canada (RY.TO: Quote): Canada's largest bank said
on Friday its fourth-quarter profit slid 8 percent, missing
analysts' estimates, as markets-related income fell, and the
bank took an accounting loss on the sale of its Liberty Life
Insurance unit. [ID:nN03286521]
 * Bank of Nova Scotia (BNS.TO: Quote): Canada's third-biggest
lender said on Friday its fourth-quarter profit rose 21
percent, boosted by stronger domestic and international retail
banking income, partially offset by weaker trading revenue.
[ID:nN01163503]
 * Canadian Oil Sands Trust COS_u.TO: The company, which
has the biggest stake in Syncrude Canada  Ltd, said on Thursday
it expects higher production next year  from the world's
largest oil sands mining project. [ID:nN02270708]
 * Saputo Inc. (SAP.TO: Quote): The company expanded a recent
recall to more cheese products, saying they could also contain
listeria monocytogenes, a type of bacteria that can cause
serious infection. [ID:nSGE6B203V]
 * Lake Shore Gold Corp. LSG.TO: Latin American precious
metals miner Hochschild Mining said on Friday it agreed to sell
its remaining 6 percent stake in Lake Shore and will use the
proceeds for exploration projects. The stake was sold for a net
C$3.70 per share. [ID:nLDE6B2096]
 ANALYST RECOMMENDATIONS
 Following is a summary of research actions on Canadian
companies reported by Reuters. [RCH/CA]
 * Inmet Mining IMN.TO target price raised to C$90 from
C$80; keeps outperform rating at Raymond James
 * Shamaran Petroleum Corp (SNM.V: Quote) rating cut to market
perform from outperform at Raymond James
 ($1= $1.00 Canadian)
 (Reporting by Kishan Nair and Bangalore Newsroom; Editing by
Jeffrey Hodgson)