April 30 (Reuters) - Canada’s main stock index looked set to open lower on Monday, as commodities edged down after data showed Spain’s economy slipped into recession.
Canada’s economy declined unexpectedly in February, while producer prices rose a smaller than expected 0.2 percent. Companies expected to post results include Canadian Oil Sands and Suncor Energy.
* Spain’s economy slipped into recession in the first quarter, data showed on Monday, with deep government spending cuts to reduce a massive public deficit and troubles in the banking sector likely to delay any return to growth.
* Canada’s economy declined 0.2 percent in February compared with January, led by temporary closures in mining and other goods-producing industries which outweighed increases in construction
* Goldcorp Inc, Canada’s No. 2 gold miner, said environmental permit approval for its El Morro copper-gold project was suspended by the Supreme Court of Chile.
* Anheuser-Busch InBev, the world’s largest beer maker, increased sales of beer in the United States for the first time in three years and said wage rises should ensure increased consumption in Brazil.
* Canada stock futures traded down 0.43 percent
* U.S. stock futures , , were down around 0.10 percent
* European shares, were down
* Thomson Reuters-Jeffries CRB Index : 304.39; fell 0.37 percent
* Gold Futures : $1663; fell 0.06 percent
* US Crude : $104.16; fell 0.73 percent
* Brent Crude : $119.26; fell 0.48 percent
* LME 3-month Copper : $8360.5; fell 0.65 percent
* First Nickel Inc. : The miner said it resumed operations at its flagship Lockerby nickel-copper mine in Ontario, nearly a week after the labor ministry ordered it to stop work at the site citing safety issues.
Following is a summary of research actions on Canadian companies reported by Reuters.
* Cascades : National Bank Financial starts with outperform rating and price target of C$5.25 as it expects company to benefit from its strategic plan
* Petrominerales : CIBC cuts price target to C$23.25 from C$26 based on a reduction in 2012 exploration drilling inventory at Corcel; rating sector performer
* TransCanada : CIBC cuts to sector performer from sector outperformer after company reports drop in quarterly profit
* Atco : National Bank Financial raises price target to C$75 from C$74; says company well positioned to capitalize on global economic growth
* Canadian Utilities : Canaccord Genuity and RBC raise target price on the stock to C$70 after company posts higher quarterly profit
* Major Canadian economic data includes PPI and GDP data
* Major U.S. events and data includes Personal Income and Chicago PMI