January 16, 2013 / 1:28 PM / 6 years ago

CANADA STOCKS-TSX may open lower on cut in global growth outlook

Jan 16 (Reuters) - Canada’s main stock index looked set to open lower as investors turned wary following a sharp cut in the global growth outlook by the World Bank and dismal economic data from the euro zone.


* A frustratingly slow economic recovery in developed nations is holding back the global economy, the World Bank said, as it sharply cut its outlook for world growth in 2013.

* The German government cut its 2013 economic growth forecast to 0.4 percent from a previous estimate of 1.0 percent, the Economy Ministry said on Wednesday, confirming earlier reports.

* JPMorgan Chase & Co reported an increase in fourth-quarter profits as the biggest U.S. bank made more home loans.

* Goldman Sachs Group Inc said its fourth-quarter earnings nearly tripled, driven by big gains in stock and bond values, increased revenue from dealmaking and lower compensation expenses.

* Magna International Inc, one of the world’s biggest auto parts manufacturers, said it expects total sales of $31.3 billion to $32.7 billion for 2013.

* Japan’s two leading airlines grounded their fleets of Boeing 787s after one of the Dreamliner passenger jets made an emergency landing, the latest in a series of incidents to heighten safety concerns over a plane many see as the future of commercial aviation.

* Workers at three of Anglo American Platinum’s South African mines went on an illegal strike, the day after the world’s top producer of the precious metal announced plans to mothball shafts and cut 14,000 jobs.


* Canada stock futures traded down 0.15 percent

* U.S. stock futures , , were mixed in the range of 0.06 percent and -0.33 percent

* European shares, were down


* Thomson Reuters-Jefferies CRB Index : 297.5109; fell 0.2 percent

* Gold futures : $1,682.6; were unchanged

* US crude : $93.31; rose 0.03 percent

* Brent crude : $110.4; rose 0.09 percent

* LME 3-month copper : $7,933; fell 0.76 percent


* Antrim Energy Inc. : The company said production at more than 20 oilfields in the northern North Sea were disrupted after a hydrocarbon leak was detected in one of the legs of the Cormorant Alpha platform.

* CML HealthCare Inc. : The company said it plans to sell its diagnostic imaging business and has started talks with potential buyers, three months after it agreed to sell its imaging business in Alberta for C$17 million.


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

* Cogeco Inc. : CIBC Cuts price target to C$38 from C$40 on valuation after the company reported its first-quarter results.

* Labrador Iron Ore Royalty Corp. : CIBC cuts to sector performer from sector outperformer on the company’s lower-than-expected production results and the recent increase in its share price.

* Lundin Mining Corp. : Desjardins starts with buy rating and price target of C$6 citing the company’s high-quality operating mines, its strong balance sheet and growth potential.

* RMP Energy Inc. : CIBC raises to sector outperformer from sector performer and raises price target to C$4.25 from C$3.25, says the company has done a commendable job of increasing oil production.

* Rocky Mountain Dealerships Inc. : CIBC raises to sector outperformer from sector performer and raises price target to C$16 from C$13, expects margins to improve and says outlook for new equipment sales remains robust.


* No major Canadian economic data is scheduled to be released.

* Major U.S. events and data includes consumer price index, real earnings, industrial output, capacity utilization, manufacturing output and Fed’s Beige Book.

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