June 8, 2011 / 12:25 PM / 8 years ago

TSX may open lower on global economic concerns

Jun 8 (Reuters) - Toronto’s main stock index might open lower as concerns over the global economy intensified and metal prices weakened.


* Canadian equity futures <0#SXF:> pointed to a lower open.

* U.S. stock index futures fell, pointing to a sixth day of losses in an enduring downtrend as investors worry about the bleak economic outlook and technical market indicators look weak. [.N]

* European shares fell for a sixth day, with sentiment hit by a bearish assessment of the U.S. economy by Fed chairman Ben Bernanke. [.EU]

* Asian markets fell but Nikkei bucked the trend to close higher holding above key support near the bottom of its post-quake range as foreigners bought shares on cheap valuations.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.39 percent in early trade.

* U.S. crude oil dropped by around $1 as investors anticipated an increase in production from an OPEC meeting as a response to high prices, which have weighed on global growth and stoked inflation. [O/R]

* Gold fell after Federal Reserve Chairman Ben Bernanke offered no hints of further U.S. monetary easing in a speech a day earlier, taking pressure off the dollar. [GOL/]

* Copper fell more than 1 percent as the dollar rebounded from one-month lows and a bleak Federal Reserve assessment of the U.S. economy depressed market sentiment. [MET/L]


* Bombardier Inc. (BBDb.TO): The company’s train unit said the GoldLinQ consortium, of which is it a member, has been awarded a contract worth $1.1 billion by Australia’s Queensland government for the first stage of a rapid transit light rail project. ID:nL3E7H81NX]

* Etrion Corp. (ETX.TO): The solar energy company said it had engaged ABB Ltd to start building its delayed solar project in Italy, after the country approved a long-awaited decree that cut spending on generous solar power incentives. [ID:nL3E7H81J9]

* Crocotta Energy Inc. CTA.TO: The oil and natural gas company posted its 10th straight quarterly loss, wider than last year, on lower output. [ID:nL3E7H81OW]

* Telus Corp. (T.TO): The telecommunications company reached a deal with the Telecommunications Workers Union, which covers about 12,100 employees of the company. [ID:nL3E7H81P1]

* Major Drilling (MDI.TO): The drilling services company’s quarterly results missed market expectations as harsh winter conditions in Canada, and floods in the United States and Australia squeezed revenue. [ID:nSGE6B708L]

* Xtreme Coil Drilling Corp. XDC.TO: The drill rig operator’s first quarterly profit missed analysts’ estimates, hurt by a sharp fall in gross margin as labor costs rose and revenue fell. [ID:nL3E7H73EU]


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

* Celtic Exploration Ltd CLT.TO price target raised to C$27.50 from C$24.75; rating outperform at National Bank Financial

* Saputo Inc (SAP.TO) price target raised to C$48 from C$42; rating sector performer at CIBC

* Tourmaline Oil Corp (TOU.TO) coverage started with sector outperformer rating and C$35 price target at CIBC

$1= $0.98 Canadian Reporting by Kishan Nair; Editing by Frank McGurty

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