March 18, 2013 / 12:12 PM / 6 years ago

CANADA STOCKS-TSX may open lower on Cyprus bailout woes

March 18 (Reuters) - Toronto’s main stock index looked set to open lower after a European decision to include a tax on bank deposits in a bailout of Cyprus sent shockwaves through financial markets.


* Cypriot ministers rushed to revise a plan to seize money from bank deposits as part of an EU bailout, in an effort to ensure lawmakers supported it in a vote later in the day.

* Standard and Poor’s sees a high risk that Spain, Italy, Portugal and France will not be able to carry through necessary reforms as the unemployed become less willing to put up with austerity, S&P’s Germany head Torsten Hinrichs told a newspaper.

* Europe’s Airbus has landed a record order potentially worth $20 billion from Indonesia’s Lion Air, sources familiar with the matter said on Sunday, smashing rival Boeing’s grip on one of the world’s fastest-growing airlines.

* STMicroelectronics and Ericsson will close their loss-making mobile chip joint venture ST-Ericsson by dividing parts of the business between them and shutting the rest with the loss of about 1,600 jobs.


* Canada stock futures traded down 0.42 percent

* U.S. stock futures , , were down around 0.8 percent

* European shares, were down


* Thomson Reuters-Jefferies CRB Index : 294.9332; fell 0.68 percent

* Gold futures : $1,601.6; rose 0.57 percent

* US crude : $92.5; fell 1.02 percent

* Brent crude : $108.42; fell 1.27 percent

* LME 3-month copper : $7,595; fell 2.03 percent


* Bombardier Inc : The train maker will have to pay at least 460 million Swiss francs to Swiss railway group SBB for late delivery of 59 double-deck trains the SBB ordered three years ago, a Swiss newspaper reported on Sunday.

* BNK Petroleum Inc : The oil and gas exploration and production company said on Sunday it had agreed to sell most of its assets in Oklahoma’s Tishomingo Field to Exxon Mobil Corp for $147.5 million to fund its exploration program and repay debt.


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

* Eastern Platinum Ltd : CIBC cuts price target to C$0.35 from C$0.45 on valuation citing current metal price environment

* InnVest REIT : CIBC raises target price to C$5.25 from C$5 citing attractive valuation after the REIT posted better-than-expected fourth-quarter results, says operating performance may lead to above-average AFFO/unit growth over time

* KeyREIT : CIBC raises price target to C$7.50 from C$7 after Huntingdon Capital Corp raises its offer for the company’s by 7 percent

* Northern Property REIT : CIBC cuts price target to C$33 from C$34 after the company posted in-line fourth-quarter results

* Pacific Rubiales Energy Corp : CIBC cuts price target to C$25 from C$29.50 after the company missed fourth-quarter sales estimates


* Major Canadian economic data includes securities figures

* Major U.S. events and data includes National Association of Home Builders/Wells Fargo March housing market index

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