Oct 9 (Reuters) - Canada’s main stock index looked set to open lower on Tuesday after a long weekend, playing catch up with a decline in global equity markets on Monday, as the IMF cut its projected global output for 2012 for the second time since April.
Toronto’s stock market was closed on Monday for Canadian Thanksgiving. World shares and oil prices fell on Monday on worries about dim growth prospects for the global economy.
* The IMF said the global economic slowdown is worsening as it cut its growth forecasts for the second time since April and warned U.S. and European policymakers that failure to fix their economic ills would prolong the slump.
* German Chancellor Angela Merkel flew to the heart of Europe’s debt crisis, braving protests by angry Greeks to take a message of support — but no new money — to a near-bankrupt nation fighting to stay in the euro.
* Liquidity eased slightly in China’s money markets following a large cash injection of 265 billion yuan by the central bank, but traders remained cautious about lending at tenors longer than one day.
* The euro zone economy faces a long, uphill road to recovery and the bloc is still suffering from a crisis of confidence, European Central Bank President Mario Draghi said.
* Euro zone finance ministers believe that Spain’s budget cuts should take into account its weak economy, Spain’s economy minister said, adding Madrid would work to limit economic recession.
* Canada stock futures traded down 0.58 percent
* U.S. stock futures , , were mixed
* European shares, were down
* Thomson Reuters-Jefferies CRB Index : 308.05; rose 0.48 percent
* Gold futures : $1,773.5; were unchanged
* US crude : $90.06; rose 0.82 percent
* Brent crude : $112.86; rose 0.93 percent
* LME 3-month copper : $8,204.25; rose 0.24 percent
Following is a summary of research actions on Canadian companies reported by Reuters.
* Alimentation Couche-Tard Inc. : National Bank Financial raises target to C$58 from C$56 to reflect higher synergies from the company’s acquisition of Statoil Fuel & Retail and adjustments to SFR’s reporting periods
* High Arctic Energy Services Inc. : National Bank Financial starts with outperform citing the company’s leading market share in Canada combined with a high-return international business model
* Metals and mining: Canaccord Genuity cuts to hold from buy Hudbay Minerals Inc and cuts Xinergy Corp target price to C$0.80 from C$1.30 on changes in commodity price and currency forecasts
* Superior Plus Corp. : CIBC raises price target to C$9.50 from C$8.75 to reflect higher margins in the company’s Energy Services division and solid production from ERCO
* Taseko Mines Ltd. : Canaccord Genuity raises target price to C$3.50 from C$3.30 on valuation; cuts to hold from buy on significant recent share price appreciation and limited implied return to the revised target price
* Major Canadian economic data includes housing starts for September
* Major U.S. events and data includes Redbook, Employment Index and IBD consumer confidence index