May 23, 2012 / 12:33 PM / in 5 years

CANADA STOCKS-TSX may open lower on doubts about EU Summit

May 23 (Reuters) - Toronto’s main stock index was set for a lower open on Wednesday, after the index posted its biggest one-day gain in six weeks on Tuesday, as scepticism about the outcome of a European Union summit rose.

TOP STORIES

* Bank of Montreal’s second-quarter profit rose 27 percent, helped by the 2011 acquisition of U.S. lender Marshall & Ilsley.

* European leaders will try to breathe life into their stricken economies at a summit over dinner, but disagreement over a plan for mutual bond issuance and other measures to alleviate two years of debt turmoil has already been laid bare.

* Canaccord Financial reported a fiscal fourth-quarter net loss, hurt by lower revenues from its trading and investment banking businesses, and higher costs tied to restructuring and acquisition-related items.

* Canadian Pacific Railway : Locomotive engineers and conductors at the company went on strike early on Wednesday after failing to reach a contract agreement, a union body said, shutting down freight operations on Canada’s second-biggest railroad.

MARKET SNAPSHOT

* Canada stock futures traded down 0.89 percent

* U.S. stock futures , , were down around 0.67-0.76 percent

* European shares, fell

COMMODITY PRICE MOVES

* Thomson Reuters-Jeffries CRB Index : 284.04; fell 0.86 percent

* Gold Futures : $1,561.1; fell 0.98 percent

* US Crude : $91.19; fell 0.72 percent

* Brent Crude : $107.24; fell 1.08 percent

* LME 3-month Copper : $7,606.75; fell 1.71 percent

CANADIAN STOCKS TO WATCH

* Bank of Nova Scotia : The bank has agreed to sell the Toronto office towers that house its corporate headquarters for C$1.27 billion to a pair of Canadian real estate investment trusts.

ANALYST RECOMMENDATIONS

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

* Cogeco : CIBC raises to sector performer from sector underperformer on valuation

* Labrador Iron Mines : Canaccord Cuts price target to C$8.25 from C$10 on lower earnings expectations, rating buy

* Mercer International : Canaccord Genuity cuts to hold from buy on uncertain outlook on the pulp market

* Northern Dynasty Minerals : Canaccord Genuity cuts to hold rating on possible regulatory hurdles on environment concerns

* Veresen : National Bank Financial raises to sector perform from underperform on valuation

ON THE CALENDAR

* Major Canadian economic data includes retails sales and leading indicator

* Major U.S. events and data includes home prices and new home sales

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