April 15, 2013 / 12:34 PM / 5 years ago

CANADA STOCKS-TSX may open lower after Chinese data

April 15 (Reuters) - Canadian stock index futures pointed to a lower open on Monday, tracking softer commodity markets, after weaker-than-expected Chinese growth data fueled concerns about the global economic outlook.

TOP STORIES

* China’s economic recovery unexpectedly stumbled in the first three months of 2013 with slowing factory output and investment spending forcing analysts to start slashing full-year forecasts despite official insistence that the outlook was favourable.

* Dish Network Corp, the No. 2 U.S. satellite television provider, offered to buy Sprint Nextel Corp for $25.5 billion in cash and stock, a move that could thwart the proposed acquisition of Sprint by Japan’s SoftBank Corp.

* Genetic testing equipment maker Life Technologies Corp has agreed to a $13.6 billion cash buyout by Thermo Fisher Scientific Inc, in one of the year’s biggest corporate takeovers.

* Trader Glencore is expected to agree to concessions this week to ease Chinese worries over its grip on the supply of copper, clearing the final regulatory hurdle in its $32 billion acquisition of miner Xstrata.

* Britain’s Centrica and Qatar Petroleum International have bought gas and oil assets in Canada from Suncor Energy for C$1 billion, including some with potential for shale gas production, they said.

MARKET SNAPSHOT

* Canada stock futures traded down 1.17 percent

* U.S. stock futures , , were down around 0.37 percent and 0.45 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 283.9909; fell 1.3 percent

* Gold futures : $1,403.1; fell 6.52 percent

* US crude : $89.46; fell 2 percent

* Brent crude : $101.4; fell 1.66 percent

* LME 3-month copper : $7,166; fell 3.25 percent

ANALYSTS’ RECOMMENDATIONS

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

* Alexco Resource Corp : Canaccord Genuity cuts rating to hold from speculative buy and cuts target price to C$3.75 from C$5.15 on valuation, citing tough first-quarter results.

* Arcan Resources : CIBC cuts target price to C$0.90 from C$1.20 on below-consensus cash flow and higher operating cost assumptions.

* Dollarama : CIBC raises target price to C$80 from C$73 following fourth-quarter results, says the company continues to be a force in the value-store market place because of its mass and store growth rate which is driving stronger results.

* Shaw Communications : Canaccord Genuity cuts target to C$21 from C$23 on weak cash flow outlook and accelerated capex.

* Sun Life Financial : Canaccord Genuity cuts target to C$28 from C$29 on lower earnings estimates.

ON THE CALENDAR

* No major Canadian economic data is scheduled to be released.

* No major U.S. events and data is scheduled to be released.

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