July 12, 2011 / 12:22 PM / 6 years ago

CANADA STOCKS-TSX may open down; euro zone fears hit commodities

3 Min Read

TORONTO, July 12 (Reuters) - Toronto's main stock index looked set to open sharply lower on Tuesday as deepening euro zone crisis made investors wary of committing more cash to riskier assets, dragging equities and commodities lower.

Factors to Watch

* Canadian equity futures <0#SXF:> pointed to a lower open.

* Wall Street was headed for a third day of losses as fears of a systemic crisis in the euro zone grew, sending index futures sharply lower. [.N]

* European shares fell sharply to four-month lows, as jitters intensified that the deepening euro zone debt crisis could spread to larger economies such as Italy and Spain, putting at risk the region's financial stability. [.EU]

* Asian markets were down with HangSeng falling the most on a Moody's report reigniting fears over corporate governance in Chinese companies.

Commodity Price Moves

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.45 percent in early trade.

* Oil fell sharply on fears that politicians will be powerless to stop the debt crisis in Europe from spreading to Italy and Spain, reinforcing fears about the outlook for the global economy. [O/R]

* Gold priced in euros hit record highs for a second day as fears Europe's debt crisis could spread persisted despite European Union officials' pledges to help heavily indebted euro zone members. [GOL/]

* Copper fell on a deepening debt crisis in the euro zone that has prompted investors to off-load assets perceived as risky, including the euro currency, but strikes in top producer countries helped limit further losses. [MET/L]

Canadian Stocks to Watch

* Vitran Corp Inc. VTN.TO: The company said it expected an adjusted loss for the second quarter, hurt mainly by higher labor costs and poor performance at its U.S. based less-than-truckload operations. [ID:nL3E7IC1VN]

* Pembina Pipeline Corp. (PPL.TO): The company said on Monday it has restarted operations at an oil pipeline in British Columbia that it had shut down for about 15 days because of erosion and washout conditions. [ID:nL3E7IB31I]

* Taseko Mines (TKO.TO): The miner's second-quarter copper production at the Gibraltar mine in British Columbia was flat at about 20 million pounds, but its molybdenum output rose about 38 percent. [ID:nL3E7IB34X]

* Fortis Inc (FTS.TO): Gaz Metro, which owns Vermont's second-largest utility Green Mountain Power, struck a deal to buy the company for $472 million, and Fortis pulled its rival bid. [ID:nL3E7IC21Q]

* Forbes Energy Services Ltd. FRB.TO: The oilfield services provider said it is looking to deploy its drilling rigs in the oil-rich Bakken shale in the United States, even as rig hours in June rose 21 percent. [ID:nL3E7IC1XM]

$1= $0.97 Canadian Reporting by Kishan Nair; Editing by Jeffrey Hodgson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below