June 8, 2012 / 12:37 PM / in 6 years

CANADA STOCKS-TSX may open lower on Fed comments

June 8 (Reuters) - Toronto’s main stock index appeared headed for a lower open on Friday, tracking global equities and commodity prices, after the U.S. Federal Reserve dashed hopes of fresh economic stimulus and expectations of a bailout for Spanish banks failed to impress markets.

TOP STORIES

* Spain is expected to request European aid for its ailing banks at the weekend to forestall worsening market turmoil, becoming the fourth and biggest country to seek assistance since the euro zone’s debt crisis began, EU and German sources said.

* Federal Reserve Chairman Ben Bernanke said on Thursday the U.S. central bank was ready to shield the economy if financial troubles mount but offered few hints that further monetary stimulus was imminent.

* Global cheers over China’s decision to cut interest rates faded as investors and economists worried that the move signalled the impending release of grim economic data.

* German imports tumbled at their fastest in two years in April and exports fell more than expected in another sign that Europe’s largest economy is beginning to feel the chill from the euro zone debt crisis.

* An Apple Inc lawyer said the iPhone and iPad maker may seek a legal order stopping the launch of Samsung Electronics Co Ltd’s Galaxy S III phone in the United States later this month.

MARKET SNAPSHOT

* Canada stock futures traded down 0.32 percent

* U.S. stock futures , , were mixed in the range of -0.6 percent to 0.09 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jeffries CRB Index : 270.48; was down 1.24 percent

* Gold Futures : $1576.5; fell 0.64 percent

* US Crude : $82.61; fell 2.61 percent

* Brent Crude : $97.89; fell 2.04 percent

* LME 3-month Copper : $7286; fell -2.79 percent

CANADIAN STOCKS TO WATCH

* Sprott Power Corp. : The company raised its annual dividend by 32.5 percent.

* Genivar Inc. : The engineering firm received a green light to acquire the entire issued and to be issued ordinary share capital of the British consulting firm WSP Group Plc. Genivar on Thursday offered to acquire WSP in a cash deal valued at approximately C$442 million.

ANALYST RECOMMENDATIONS

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

* Canadian Western Bank : CIBC raises to sector performer from sector underperformer after company’s second-quarter earnings meets estimates

* Lululemon Athletica : Macquarie cuts target price to $68 from $75 on the back of weaker-than-expected second-quarter outlook, rating neutral

* Sandvine Corp : CIBC cuts target price to C$2 from C$2.25 after company’s second-quarter revenue view disappoints; rating sector outperformer

* Petromanas Energy : National Bank Financial starts with outperform rating and price target of C$0.55, citing higher oil exploration prospects in Albania

* Transcontinental : CIBC cuts target price to C$13 from C$15 on weak second-quarter results; keeps sector outperformer rating

ON THE CALENDAR

* Major Canadian economic data includes housing starts, employment change and trade balance

* Major U.S. events and data includes international trade and wholesale inventories

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below