May 5, 2010 / 1:06 PM / 7 years ago

CANADA STOCKS-TSX may open lower on commodities, Greece fears

May 5 (Reuters) - Toronto’s main stock index could open lower on Wednesday as commodity prices tumbled while Germany and the IMF warned of financial contagion unless a euro zone debt crisis is stopped in Greece.

Wall Street is also set for a lower start ahead of ADP employment and ISM non-manufacturing reports. [.N]

European shares fell as banking stocks remained under pressure. However, forecast-beating results from Societe Generale (SOGN.PA) and brewer Anheuser-Busch InBev (ABI.BR) provided some support.

Asian markets mostly dropped, although China bucked the trend, managing a technical bounce from seven-month lows hit earlier in the session, while Japan remained closed.

Here is some news that could affect Canadian stock prices:

OIL FALLS

Oil fell 1.5 percent towards $82 a barrel, extending the steepest one-day loss in three months as the unfolding crisis in Greece rattled markets and mounting U.S. crude oil inventories pointed to soft demand. [O/R]

COPPER AT 3-MONTH LOW

Copper prices slid to their lowest in nearly three months as fears of contagion from Greece and worries about Chinese demand prompted investors to retreat from industrial metals. [MET/L]

GOLD EASES

Gold eased in Europe, caught up in selling that hit assets like the euro and other commodities, but fears of financial contagion from the Greek debt crisis fuelled safe-haven buying, which underpinned prices. [GOL/]

C$ AT 6-MONTH LOW VS US$

Canada’s dollar dropped against the U.S. currency on Tuesday to touch its lowest in nearly six weeks as investors worried that Greece’s debt crisis would spread to other euro zone countries. [CAD/]

ENBRIDGE PROFIT SLIDES

Enbridge Inc (ENB.TO), Canada’s No. 2 pipeline company, reported a lower first-quarter profit on Wednesday compared with the previous year when it benefited from the sale of a Colombian pipeline system. [ID:nN05261883]

AGRIUM POSTS LOSS

Agrium Inc AGU.TO said on Wednesday it posted a first-quarter loss, as its results were hurt by losses on gas hedges and other one-time items. [ID:nN04118549]

KINROSS PROFIT JUMPS

Kinross Gold’s (K.TO) net profit jumped 45 percent in the first quarter on stronger gold prices, the miner said on Tuesday, as it announced it was taking a 9.4 percent stake in Africa-focused Red Back Mining RBI.TO. [ID:nN0384150]

TALISMAN ENERGY RESULTS

Talisman Energy Inc TLM.TO, Canada’s independent oil exploration company, posted a lower first-quarter profit but still beat market expectations, helped by higher oil prices. [ID:nSGE6440DY]

HUDBAY RETURNS TO PROFIT

HudBay Minerals (HBM.TO) swung to a first-quarter profit from a year-before loss, it said on Tuesday, helped by rebounding prices for copper and zinc, but held back by the stronger Canadian dollar. [ID:nN04162235]

TORSTAR POSTS PROFIT

Torstar Corp (TSb.TO), which is bidding for the newspaper and online businesses of Canwest Global Communications CGS.V, said on Wednesday it posted a first-quarter profit, helped by lower costs and improved results from its newspaper and digital segment. [ID:nN04113739]

RESEARCH ROUNDUP

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

Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.

* Black Diamond BDI.TO rating cut to market perform from outperform at Raymond James

* Canelson Drilling CDI.V started with overweight rating; price target of $4 at Thomas Weisel

* Kinross Gold (K.TO) price target cut to $21 from $24; rating market-weight at Thomas Weisel

* Ram Power RPG.TO price target cut to $4.35 from $4.70; rating outperform at Raymond James ($1=$1.01 Canadian) (Reporting by Bangalore newsroom, editing by Savio D‘Souza and Frank McGurty)

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