June 4, 2012 / 12:37 PM / 7 years ago

CANADA STOCKS-TSX may rise at open on hopes for action in Europe

June 4 (Reuters) - Toronto’s main stock index looked set to open higher on Monday, as investors turned hopeful that European policymakers are closer to taking action to counter worries about slowing growth and the region’s debt crisis.


* Euro zone factory prices were unexpectedly stable in April from March, marking the fourth straight month of weakening inflation pressures and offering the European Central Bank some space to cut interest rates as the continent’s economy slumps.

* When Jean-Claude Trichet called last June for the creation of a European finance ministry with power over national budgets, the idea seemed fanciful, a distant dream that would take years or even decades to realise, if it ever came to be.

* BP will press ahead and sell a stake in its Russian venture, a source close to the company said, despite a threat by its billionaire partners to block a deal that could pave the way for the Kremlin to cement its dominance over the country’s vast energy sector.

* Canada’s biggest telecommunications company, BCE Inc , has joined with a group of private equity fund managers to buy data center company Q9 Networks Inc for C$1.1 billion ($1.06 billion), BCE said on Saturday.

* Excellon Resources Inc said Chief Executive Jeremy Wyeth resigned from the company to pursue other interests.


* Canada stock futures traded up 0.09 percent

* U.S. stock futures , , were mixed in the range of -0.02 percent and 0.3 percent

* European shares, were down


* Thomson Reuters-Jeffries CRB Index : 266.99; was unchanged 0.49 percent

* Gold Futures : $1,621.3; rose 0.05 percent

* US Crude : $82.41; fell 0.99 percent

* Brent Crude : $97; fell 1.45 percent

* LME 3-month Copper : $7,361.2; fell -1.14 percent


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

* Bank of Montreal : CIBC cut price target to C$59 from C$61 and said the Canadian bank’s second-quarter results were “good enough”, but not great.

* National Bank of Canada : CIBC cut price target to C$81 from C$83 said the company’s quarterly results were “good enough”, but not great

* Capstone Infrastructure : Canaccord Genuity raised target to C$4.75 from C$4.50 on the back of reduced refinancing risk

* Veresen : National Bank Financial ups to outperform from sector perform on valuation

* Inter Pipeline : National Bank Financial ups to outperform from sector perform on valuation


* No major Canadian economic data scheduled for release

* Major U.S. events and data includes factory orders, durable goods, ISM New York Index and employment trends

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