November 1, 2011 / 1:03 PM / 6 years ago

CANADA STOCKS-TSX set to open lower after Greek vote shock

4 Min Read

 Nov 1 (Reuters) - Toronto's resource heavy main stock index looked set to open lower on Tuesday, hurt by tumbling commodity prices, after the deal to rescue Greece and prevent a wider sovereign debt crisis faced a new hurdle.
 A Greek plan to call a referendum on a bailout package reignited fears the rescue deal would unravel, with the collapse of MF Global also weighing on commodities. [MKTS/GLOB]
 FACTORS TO WATCH
 * Canadian equity futures <0#SXF:> pointed to a lower open.
 * U.S. stock index futures tumbled on news of the Greek vote and as Asian economic data reignited fears of a slowdown in global growth. [.N]
 * European stocks sank, suffering their biggest one-day sell-off in a month after Greece's prime minister unexpectedly called a referendum on the latest bailout deal. [.EU] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ To receive an early e-mail of Reuters Morning News Call - Canada -- a preview of market moving news -- Thomson Reuters subscribers can register at [CA/MNC] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
 COMMODITY PRICE MOVES
 * The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 1.76 percent in early trade.
 * Oil prices fell more than $2 per barrel as worries over the euro zone debt crisis and the collapse of broker-dealer MF Global darkened the outlook for the global economy. [O/R]
 * Gold buckled under the pressure of a stronger dollar after the Greek prime minister shocked financial markets by calling the referendum. [GOL/]
 * Copper fell on a stronger dollar and worries about the impact on the global economy of the euro zone crisis and an unexpected slowdown in factory activity in big metals consumer China. [MET/L]
 CANADIAN STOCKS TO WATCH
 * Thomson Reuters Corp. (TRI.TO): The news and data provider reported a 10 percent rise in third-quarter profit, beating market estimates, as revenue grew and margins expanded, though growth in its Markets division remained sluggish. [ID:nN1E79U170]
 * Bank of Nova Scotia (BNS.TO): The bank said on Monday it's wholly owned Mexican subsidiary will contribute C$56 million ($54.9 million) to the Canadian bank's fourth-quarter profit. [ID:nN1E79U1RJ]
 * Ritchie Bros Auctioneers Inc. (RBA.TO): The company's third-quarter profit halved, due in part to a slowdown in the used equipment market.  [ID:nL4E7LV2HB]
 ANALYST RECOMMENDATIONS
 Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
 * Altagas (ALA.TO) price target raised to C$29 from C$28.50 at National Bank
 * Canaco Resources CAN.V coverage started with sector outperformer rating; target of C$4.50 at CIBC
 * Canacol Energy (CNE.TO) price target cut to C$0.80 from C$0.90 at CIBC
 * Cervus Equipment CVL.TO rating cut to sector perform from outperform at National Bank
 * Grande Cache Coal GCE.TO rating cut to hold from buy at Salman Partners
 * Teranga Gold (TGZ.TO) price target cut to C$3 from C$3.50 at CIBC
 * Queenston Mining QMI.TO coverage started with sector performer rating; price target of C$8 at CIBC
 * PetroMagdalena Energy PMD.V price target raised to C$1.75 from C$1.50 at CIBC
 ($1=$1.02 Canadian)  (Reporting by Karan Khemani; Editing by Jeffrey Hodgson)                 

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