June 28 (Reuters) - Canada’s main stock index looked set to open lower on Thursday, hurt by falling commodity prices, as investors grew cautious about the outcome of a European Union summit beginning later in the day.
Investors were also expected to focus on results from Research In Motion Ltd later in the session. The BlackBerry maker is expected to post an adjusted loss of 8 cents a share in the three months to June 2, according to the average estimate of 37 analysts polled by Reuters.
* EU leaders go into a Brussels meeting more openly divided than at any time since the euro crisis began, with Germany’s Chancellor Angela Merkel showing no sign of relenting in her refusal to back other countries’ debts.
* Euro zone economic sentiment fell by more than expected in June, as managers of businesses and in factories across the currency area saw little reason for cheer as the region’s economy stalls, even in wealthier, northern nations.
* German joblessness rose for the third month in a row in June, though it remains close to post-reunification lows, data showed, signaling that Europe’s largest economy is not immune to the euro debt crisis and cannot be relied on to prop up growth.
* Malaysian state oil company Petronas will buy joint venture partner Progress Energy Resources Corp for C$4.80 billion ($4.67 billion) to gain full ownership of large swathes of natural gas fields in Canada.
* Canadian oil and gas producer Niko Resources Ltd reported a fourth-quarter loss and forecast a 23 percent decline in production for the next fiscal year as output from its D6 block off India’s east coast fell.
* Canada stock futures traded down 0.46 percent
* U.S. stock futures , , were down in the range of -0.35 to -0.5 percent
* European shares, were down
* Thomson Reuters-Jeffries CRB Index : 275.06; fell 0.05 percent
* Gold Futures : $1,568; fell 0.61 percent
* US Crude : $80.39; rose 0.22 percent
* Brent Crude : $93.29; fell 0.22 percent
* LME 3-month Copper : $7,407; rose 0.03 percent
Following is a summary of research actions on Canadian companies reported by Reuters.
* AGF Management : CIBC cuts price target to C$12 from C$13.50, and lowers 2012 and 2013 estimates on a more negative outlook for asset flows
* Centerra Gold : Canaccord Genuity cuts rating to hold from buy and price target to C$14.75 from C$15.25; says a Kyrgyz Parliamentary resolution concerning the company’s Kumtor mine creates uncertainty
* MacDonald Dettwiler : CIBC raises to sector outperformer from sector performer and price target to C$66 from C$47.50, after the company announced its acquisition of Loral Space & Communications Inc’s satellite manufacturing subsidiary, Space Systems/Loral
* Teck Resources : NBF starts with sector perform rating and target price of C$38; says Teck’s plans to increase coal production provide a stable long-term revenue base and that shares appear cheap
* Timmins Gold : Dahlman Rose starts with buy rating and price target of C$3.80; says in addition to growing its existing operations, the company possesses several exploration targets that could be the source of further expansions
* No major Canadian economic data scheduled for release
* Major U.S. events and data includes first-quarter real GDP numbers, corporate profits and initial jobless claims