September 30, 2011 / 12:27 PM / 6 years ago

CANADA STOCKS-TSX may open lower after weak Chinese data

Sept 30 (Reuters) - Toronto’s main stock index looked set to open lower on Friday, hurt by falling oil prices and compounding pessimism over global growth after weak manufacturing data in China

FACTORS TO WATCH

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

* U.S. stock index futures fell after data showing a continued contraction in China stirred fears the global economy was slowing. [.N]

* European shares extended losses as investor fears for a global economic slowdown mounted. [.EU]

* Asian equities also dropped, extending the worst monthly performance since the most volatile days of the global financial crisis in October 2008. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 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 0.58 percent in early trade.

* Brent crude futures extended losses, falling by over $1 as investor fears about the state of the global economy weighed on demand sensitive assets. [O/R]

* Gold rose more than 1 percent but was on track for its biggest quarterly gain this year as concerns that the euro zone debt crisis was far from resolved weighed on stock markets and the euro, lifting interest in bullion as an alternative. [GOL/]

* Copper rose slightly but was still on track for its worst loss in three years as concerns that weak economic growth may hit copper demand outweighed supply deficit expectations. [MET/L]

CANADIAN STOCKS TO WATCH

* Anvil Mining Ltd. AVM.TO: China’s Minmetals Resources Ltd has agreed to buy Africa-focused copper miner Anvil for C$1.3 billion as the state-controlled company expands its global reach and adds base metal reserves. [ID:nL3E7KU00X]

* Research In Motion Ltd. RIM.TO: Kik Interactive, an instant messaging service startup against which RIM launched a lawsuit last year, is testing a new version of software that can be used on RIM’s BlackBerry smartphones, Kik’s founder said on Thursday. [ID:nS1E78S1UT]

* Teck Resources Ltd. TCKa.TOTCKb.TO: The diversified miner said it received a strike notice from the workers union for its Highland Valley copper operations. [ID:nL3E7KU07F]

ANALYST RECOMMENDATIONS

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

* Bauer Performance Sports BAU.TO coverage started with outperform rating; price target of C$8 at National Bank

* Canacol Energy Ltd CNE.TO price target cut to C$0.90 from C$1.00 at CIBC

* Enbridge Inc (ENB.TO) price target raised to C$34 from C$33 at CIBC

* EnseCo Energy Services ENS.V price target cut to C$0.20 from C$0.30 at National Bank

* Sandvine Corp (SVC.TO) rating raised to outperform from sector perform at National Bank

$1= $1.05 Canadian Reporting by Karan Khemani; 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