November 7, 2011 / 1:28 PM / 6 years ago

TSX may open lower as euro concerns spread to Italy

(Reuters) - Toronto’s main stock index looked set to open lower on Monday on concern that the euro zone debt crisis could engulf Italy, overshadowing a government coalition deal in Greece that could help secure its latest bailout package.

FACTORS TO WATCH

* Canadian equity futures pointed to a lower open.

* U.S. stock index futures fell as political turmoil in Italy sparked worry the euro zone debt crisis could consume the region’s third largest economy..N

* European stocks pared losses on intensifying market talk that Italian Prime Minister Silvio Berlusconi could resign soon, easing fears over the country’s ability to deal with its debt pile. .EU

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.25 percent in early trade.

* Brent crude oil rose above $112 a barrel on hopes political settlements in Greece and Italy could help resolve the euro zone debt crisis and minimize the chances of a further slowdown in global economic growth

* Gold rose more than 1 percent as investors piled into the traditional safe haven asset as Europe’s debt crisis intensified on concerns about political instability in Italy and Greece.

* Copper fell nearly 2 percent, with investors struggling to see better demand prospects as economic and political difficulties in Greece and Italy fueled concern that Europe’s debt crisis is unraveling.

CANADIAN STOCKS TO WATCH

* Vermilion Energy Inc. VET.TO: The oil and gas company’s quarterly profit more than doubled helped by higher oil and natural gas production from its Australian properties.

* Ensign Energy Services Inc. ESI.TO: The oilfield services provider’s third-quarter net profit nearly doubled, helped by a strong demand for oilfield services.

* Yukon-Nevada Gold Corp. YNG.TO: The company said its quarterly loss narrowed as it gained from warrants.

ANALYST RECOMMENDATIONS

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

* Air Canada ACa.TO: price target cut to C$1.80 from C$2 at National Bank Financial

* Canadian REIT REF_u.TO: price target raised to C$37.50 from C$35.00 at CIBC

* Centerra Gold Inc CG.TO: price target cut to C$33 from C$34 at CIBC

* Constellation Software Inc CSU.TO: price target raised to C$79.50 from C$76 at CIBC

* Flint Energy Services Ltd FES.TO: price target raised to C$18.00 from C$15.50 at CIBC

* Miranda Technologies Inc MT.TO: price target raised to C$12 from C$8 at CIBC

* Open Range Energy Corp ONR.TO: price target cut to C$4 from C$13.50 at National Bank Financial

* SNC Lavalin Group Inc SNC.TO: price target raised to C$64 from C$62 at CIBC

* Trinidad Drilling Ltd TDG.TO: price target raised to C$10.00 from C$9.50 at CIBC ($1= $1.02 Canadian)

Reporting by Karan Khemani

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