September 9, 2011 / 12:27 PM / 7 years ago

TSX may open lower on data showing Canada lost jobs

Sept 9 (Reuters) - Toronto’s main stock index looked set to open lower on Friday as commodity prices weakened and investors digested unexpected news that the Canadian economy suffered a net loss of jobs in August.


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

* The Canadian dollar fell to a session low against the U.S. dollar morning after data showed the domestic economy shed 5,500 jobs last month.

* U.S. stock index futures fell as a jobs proposal by President Barack Obama did little to reassure investors concerned about weak economic growth. [.N]

* European shares fell on Friday morning, tracking Wall Street lower on concern that U.S policymakers were not acting strongly enough prevent the world’s biggest economy from falling into recession. [.EU]

* Markets in Asia were down, with the Nikkei posting a weekly loss of 2.4 percent and moving back towards a six-month low hit earlier in the week. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ To receive an early e-mail of Reuters Morning News Call - Canada — a preview of market moving news — Thomson Reuters subscribers can register at [CA/MNC] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.72 percent in early trade.

* Oil retreated on Friday, hit by gloom surrounding prospects for the global economy and dollar gains, but Brent crude outperformed other commodities, supported by tight supply in Europe and the United States. [O/R]

* Gold prices tumbled by 2 percent on Friday, reversing earlier gains, with traders blaming heavy fund liquidation of the metal on the New York futures market, and the downward move picking up momentum as sell stops were triggered. [GOL/]

* Copper fell, alongside global equities, on unrelieved worries about economic growth and the impact on metals demand after the U.S. and Europe failed to convince investors they had firm plans to fix their troubled economies. [MET/L]


* Bank of Nova Scotia (BNS.TO): The bank said it will buy a near 20 percent stake in Bank of Guangzhou for about C$719 million to expand its footprint in China, the latest in to invest in a Chinese bank before its IPO. [ID:nL3E7K90L4]

* Lululemon Athletica Inc. LLL.TO: The yogawear retailer said its quarterly profit rose 76 percent, on the back of strong online and in-store sales. [ID:nN1E788050]

* Major Drilling (MDI.TO): The drilling services provider to mining companies said on Thursday it will acquire privately held Bradley Group for C$80 million, a move that allows it to expand its drilling services business in northern Quebec and northern Ontario. [ID:nN1E7871VS]

* Pacific Wildcat Resources PAW.V: The minerals and metals firm said Kenyan unit Cortec Mining had not been ordered to stop prospecting for minerals at a site near the coastal city of Mombasa, as had been reported in a daily newspaper. [ID:nL5E7K905M]


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

* Candente Copper (DNT.TO) coverage resumed with outperform; price target C$2.75 at Raymond James

* Canadian National Railway Co (CNR.TO) coverage started with sector perform rating and price target of C$76.50 at National Bank

* Canadian Pacific Railway (CP.TO) coverage started with sector perform rating at National Bank

* Glv Inc GLVa.TO coverage started with outperform rating; price target of C$5.50 at National Bank

* Major Drilling Group International Inc (MDI.TO) price target raised to C$18.50 from C$17 at Salman Partners

* Parkland Fuel Corp (PKI.TO) coverage started with sector outperformer rating; price target of C$12.50 at CIBC

* Transat A.T Inc TRZb.TO price target cut to C$10.50 from C$14; rating sector performer at CIBC

$1= $0.99 Canadian Reporting by Karan Khemani

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