September 23, 2010 / 12:43 PM / 7 years ago

CANADA STOCKS-TSX set to start lower on weak U.S., European data

 Sept 23 (Reuters) - Toronto’s main stock index looked set to open lower on Thursday, hurt by U.S. and European economic data that rekindled worries about the global economic recovery.
 FACTORS TO WATCH
 * Canadian equity futures <0#SXF:> pointed to a lower open.
 * U.S. stock index futures fell on Thursday, hurt by U.S. weekly jobless claims data that showed employment conditions were still under pressure. [.N]
 * European shares slipped for a third straight session to a two-week low on Thursday, with a major index falling below a key technical level, on concerns about the state of some European economies and on poor data. [.EU]
 * Much of Asia was closed due to public holidays in Japan, China, Hong Kong and South Korea.
 COMMODITY PRICE MOVES
 * The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.31 percent in early trade.
 * Oil fell to around $74 on Thursday, with markets looking to key U.S. data for the next clues on the state of the economy of the world’s biggest oil user, where fuel inventories have swollen to record levels. [O/R]
 * Gold held near record highs on Thursday, eyeing a breach of $1,300 an ounce, while silver flirted with 30-year peaks as the threat of currency devaluation lifted interest in the metals as a safe store of value. [GOL/]
 * Copper reached a new five-month high above $7,900 per tonne while aluminium pushed above $2,270 for the first time since April. [MET/L]
 CANADIAN STOCKS TO WATCH
 * Enbridge Inc (ENB.TO): U.S. regulators on Wednesday approved a gradual restart of an Enbridge oil pipeline that ruptured more than eight weeks ago, fouling a Michigan river system and squeezing oil supplies for U.S. and Canadian refiners. [ID:nN2213370]
 * Calloway Real Estate Investment Trust CWT_u.TO: The company said it would offer C$100 million in trust units to a group of underwriters, in order to repay debt.[ID:nSGE68L0KO]
 * Gennum Corp GND.TO: The intellectual property firm’s third-quarter earnings topped market estimates, helped by growing sales of its new products. [ID:nSGE68L0KP]
 * MDS Nordion MDS.TO: The company signed a deal with a unit of Russia’s Rosatom State Corp to market isotopes produced in that country, and said the companies could look at forming a joint venture. [ID:nSGE68M0EZ]
 ANALYST RECOMMENDATIONS
 Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
 * Agrium (AGU.TO) had positive rating at Susquehanna
 * Baffinland Iron Mines Corp BIM.TO rating cut to market perform from outperform at Raymond James. Rating cut to hold from buy at Desjardins
 * Canaccord Financial (CF.TO) rating started with outperform; price target of C$13 at KBW
 * Canfor Pulp Income Fund CFX_u.TO price target cut to C$13.50 from C$14.50 at Raymond James
 * Gennum GND.TO target price cut to C$6 from C$5.85; underperform rating kept at BMO
 * Potash Corp. (POT.TO) rating neutral at Susquehanna
 ($1= $1.03 Canadian)   (Reporting by Bangalore newsroom; editing by Jeffrey Hodgson)                                        

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