April 22, 2010 / 12:55 PM / 7 years ago

CANADA STOCKS-TSX looks set for lower open on weak commodities

April 22 (Reuters) - Toronto’s main stock exchange looked set to open lower on Thursday after the European Union said Greece’s budget deficit was worse than was first believed, sending commodity prices sliding.

Markets in Europe turned sharply negative led by banks. The world’s top cellphone maker Nokia NOK1V.HE cut the profit outlook for its key phone unit sending its shares lower by more than 14 percent. Asian stocks were down with Nikkei shedding more than a percent pressured by tech shares.

U.S. stock futures also indicate a negative start on Wall Street. Amid a flurry of corporate results, investors will also be closely watching President Barack Obama’s speech on financial reforms where he will urge sweeping new rules for Wall Street. [.N]

Investors will also be closely watching the Bank of Canada’s Monetary Policy Report, due to be released later today. The report is expected to throw more light on the tightening bias the central bank disclosed this week.

Here is some news that could affect stock prices:

OIL SLIPS

Oil fell to around $83 per barrel after higher U.S. inventories signalled demand in the world’s top oil consumer was lagging the recovery in the global economy. [O/R]

COPPER DIPS ON CHINA

Copper turned negative weighed by persistent worries of further monetary tightening from China, the world’s top metals consumer, and a firmer dollar. [MET/L]

GOLD DIPS

Gold fell in Europe as the dollar rose against the euro, with persistent fears over Greece pressuring the single currency, while platinum group metals retreated from earlier multi-month highs. [GOL/]

PLATINUM RISES

Spot platinum XPT= rose above $1,739 per ounce, its highest since August 2008, exceeding the previous high marked a day earlier as the precious metal maintained its momentum on expectations of economic recovery.

CELESTICA PROFIT UP

Contract electronics maker Celestica Inc (CLS.TO) CLS.N posted a 28 percent rise in adjusted quarterly earnings on Thursday due mainly to new wins from existing customers and an improving economic environment. [ID:nSGE63L0FU]

BANKERS STARTS OIL SALES TO ALBANIA

Bankers Petroleum Ltd BNK.TO resumed oil sales to the Albanian refineries operated by Albanian Refining & Marketing of Oil Sh.A. [ID:nWNAB0824]

BOMBARDIER PLANE ORDER

Swiss-based VistaJet said it plans to place an order worth US$200 million for seven new business jets from Bombardier Inc (BBDb.TO). [ID:nWEB1515]

PRECISION DRILLING PROFIT RISES

Precision Drilling Trust PD_u.TO, Canada’s No.1 oilwell-drilling company, posted an 8 percent rise in quarterly profit, helped by an increase in drilling activity in the country. [ID:nSGE63L0G7]

WEST 49 PROFIT FALLS

Canadian teenage clothing retailer West 49 Inc WXX.TO posted a lower fourth-quarter profit, hurt a fall in product margins. [ID:nSGE63L0I0]

SIMON REVISES GENERAL GROWTH OFFER

Simon Property Group Inc (SPG.N) gave General Growth Properties Inc (GGP.N) a revised recapitalization offer ahead of a presentation before its rival’s board on Thursday. Simon would make a pitch to persuade General Growth’s board to choose it over Brookfield Asset Management Inc (BAMa.TO) as the key investor in a plan to exit bankruptcy protection. [ID:nN2120216]

HUSKY ASIA SPIN OFF

Husky Energy Inc’s (HSE.TO) proposed spinoff of its Asian oil and gas operations should be complete by the end of 2010, assuming the plan hits no regulatory or tax roadblocks, the company’s outgoing chief executive said on Wednesday. [ID:nN21226652]

NEW GOLD‘S SALES UP

New Gold Inc (NGD.TO) on Wednesday said gold sales increased 44 percent in the first-quarter and reaffirmed 2010 production outlook. [ID:nWNAB0597]

ALGONQUIN STARTS PROJECT

Algonquin Power and Utilities Corp AQN.TO announced the commencement of construction of the 26.4 MW Phase I Red Lily Wind Project in south-eastern Saskatchewan. [ID:nWNAB0579]

RESEARCH ROUNDUP

Following is a summary of research actions on Canadian companies reported by Reuters on Thursday. [RCH/CA]

* GMP Capital (GMP.TO) price target cut to C$12.50 from C$13; rating neutral at Macquarie

* Metro Inc MRUa.TO price target raised to C$45 from C$42; rating neutral at UBS

* Reliable Energy REL.V rating started with outperform; price target of 60 Canadian cents at Raymond James

* Russel Metals (RUS.TO) price target raised to C$20 from C$18; rating market perform at Raymond James

* Teck Resources TCKb.TO price target cut to C$52 from C$53.50; rating buy at UBS

Reporting by Bangalore newsroom, editing by Savio D'Souza and Jeffrey Hodgson

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