June 1, 2012 / 12:23 PM / in 5 years

CANADA STOCKS-TSX may open lower; euro zone, China worries weigh

June 1 (Reuters) - Canada’s resource heavy main stock index looked set to open lower on Friday following sharp losses in global equity and commodity markets, as a slew of economic data from euro zone and China fueled worries about global recovery.

TOP STORIES

* Some of the world’s major economies are faltering or shrinking, with Chinese factory output barely growing and powerful European manufacturing countries falling deeper into malaise, surveys showed.

* Spain’s government has delayed by at least a week the adoption of a new mechanism to ease the funding problems of its heavily indebted regions, a government source said.

* BP put its half-share of its huge Russian joint venture up for sale, a bold step that would abandon nearly a third of BP’s output, cut it loose from hostile partners and let the Russian state tighten its grip on the world’s biggest oil industry.

* Trains will start rolling again at Canadian Pacific Railway Ltd after the Canadian Senate passed back-to-work legislation on Thursday evening, and the railroad expects operations to be back to normal within 48 hours.

* Nokia struck back at Google over its accusation that the cellphone maker was colluding with Microsoft to make money out of their patents.

MARKET SNAPSHOT

* Canada stock futures traded down 1.02 percent

* U.S. stock futures , , were down around 0.8 to 1 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jeffries CRB Index : 268.4; fell 1.67 percent

* Gold Futures : $1551.4; fell 0.72 percent

* US Crude : $84.12; fell 2.79 percent

* Brent Crude : $99.97; fell 2.85 percent

* LME 3-month Copper : $7363.5; fell -0.85 percent

CANADIAN STOCKS TO WATCH

* Open Energy Corp. : Cequence Energy Ltd. said it will buy Open Energy in an all-stock deal that values the oil and gas company at about C$97 million, as it looks to tap into liquids-rich natural gas assets in Alberta.

* Research In Motion : The BlackBerry maker is free to use the BBM moniker for its popular BlackBerry Messenger instant messaging service after a court ruled the use did not infringe on the trademark of a company that measures Canadian television and radio audiences.

ANALYST RECOMMENDATIONS

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

* CIBC : National Bank Financial cuts target to C$80 from C$82 and said its exit from the mortgage brokerage channel is suppressing balance sheet growth

* Fairborne Energy Ltd : Canaccord Genuity cuts to speculative buy from buy as the Clive assets sale fell through

* National Bank of Canada : Barclays raises price target to C$79 from C$78 on strong 2nd-qtr profit

ON THE CALENDAR

* Major Canadian economic data includes

* Major U.S. events and data includes non-farm payrolls, personal income and auto sales

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