November 21, 2012 / 1:22 PM / in 5 years

CANADA STOCKS-TSX may open lower on Greece bailout uncertainty

Nov 21 (Reuters) - Canada’s main stock index looked set to open lower on Wednesday, after Greece’s lenders failed to agree on emergency aid and concern over the U.S. fiscal crisis dented ’ sentiment. Trade is likely to be muted ahead of the U.S. Thanksgiving holiday.

TOP STORIES

* German Chancellor Angela Merkel said she sees a chance for a deal to release emergency aid for Greece at a meeting of European finance ministers on Monday, but rejected the idea that bold actions could solve Europe’s crisis overnight.

* European Union antitrust regulators are set to clear Glencore’s $32 billion takeover of miner Xstrata after the commodities trader satisfied concerns over zinc by ending a sales contract, sources familiar with the matter said.

* Federal Reserve Chairman Ben Bernanke said 2013 could be a “very good year” for the U.S. economy if politicians can strike a quick deal to avoid the so-called fiscal cliff.

* Deere & Co reported a higher quarterly profit as stronger machinery sales in North America offset weaker international demand, and it forecast higher sales and earnings in fiscal 2013.

* Research In Motion Ltd, for months enveloped by a wave of negative sentiment, got a boost when one of its most influential critics raised his rating on the stock ahead of the launch of RIM’s make-or-break new line of BlackBerry 10 devices.

MARKET SNAPSHOT

* Canada stock futures traded down 0.09 percent

* U.S. stock futures , , were mixed in the range of -0.09 percent to 0.05 percent

* European shares, were mixed

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 297.80; rose 0.29 percent

* Gold futures : $1,723.2; was unchanged 0 percent

* US crude : $87.76; rose 1.16 percent

* Brent crude : $111.24; rose 1.28 percent

* LME 3-month copper : $7,738; fell 0.58 percent

CANADIAN STOCKS TO WATCH

* First Quantum Minerals : Zambia has granted environmental approval to the miner for a planned 300,000 tonnes per year $640 million copper smelter at its Kansanshi mine license area, the environmental management agency said.

* Lululemon Athletica Inc. : The yoga wear retailer settled a lawsuit over its distinctive yoga pants against PVH Corp’s Calvin Klein and G-III Apparel Group Ltd.

* TransCanada Corp. : The pipeline operator will pay C$210 million for BP Plc’s 40 percent stake in the Crossfield Gas Storage facility, 50 kilometers north of Calgary, Alberta, to consolidate ownership of the operation.

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters.

* Banro Corp. : CIBC cuts to sector performer from sector outperformer and cuts price target to C$4.75 from C$6 citing concerns given instability in the South Kivu region where the company has its Twangiza mine

* C&C Energia Ltd. : CIBC cuts to sector performer from sector outperformer after the company agreed to be acquired by Pacific Rubiales Energy

* George Weston Ltd. : CIBC cuts target to C$68 from C$69 on a lack of new products and low volumes

* Osisko Mining Corp. : RBC cuts price target to C$12 from C$13 on the company’s dilutive acquisition of Queenston Mining Inc

* Peyto Exploration & Development : NBF raises price target to C$28 from C$27, says the company’s recent equity financing improved its debt position and supports an impressive growth profile

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes initial claims, continuing claims, Markit flash manufacturing PMI, Reuters/U-Mich consumer sentiment index and lead indicators

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