August 10, 2012 / 12:27 PM / 7 years ago

CANADA STOCKS-TSX may open lower, China data weighs

Aug 10 (Reuters) - Canadian stock futures pointed to a lower open as European and Asian equity markets tumbled after an unexpected narrowing in China’s trade surplus fueled concerns about global economic growth.


* Chinese data dealt policymakers fresh blows on Friday as trade and new bank lending suggested pro-growth policies have been slow to gain traction and more urgent action may be needed to stabilize the economy.

* International Business Machines Corp has considered buying Research In Motion’s enterprise division, Bloomberg reported On Friday, citing two unnamed sources.

* British factory gate inflation eased to the slowest pace in nearly three years in July, data showed, indicating that price pressures in Britain are easing and supporting the Bank of England’s view of a fall in consumer price inflation.

* Oil producer Penn West Petroleum Ltd’s second-quarter profit fell and the company cut its capital spending and production forecast for the year as oil prices continue to fall due to excess supply in the United States and global economic uncertainties.

* Magna International Inc, one of the world’s biggest auto parts manufacturers, reported a 24 percent jump in quarterly profit on Thursday and said it was buying the controlling, minority stake in its electric car business.


* Canada stock futures traded down 0.06 percent

* U.S. stock futures , , were down in the range of -0.3 to -0.5 percent

* European shares, were down


* Thomson Reuters-Jefferies CRB Index : 302.54; fell 0.74 percent

* Gold futures : $1,610.5; fell 0.41 percent

* US crude : $92.05; fell 1.4 percent

* Brent crude : $111.69; fell 1.35 percent

* LME 3-month copper : $7,432; fell 1.35 percent


* Stella-Jones Inc. : The company reported a 21 percent rise in second-quarter profit on strong demand for railway ties.

* Calfrac Well Services Ltd : The provider of specialized oilfield services reported a second-quarter loss.

* Enerplus Corp. : The oil and gas producer’s second-quarter profit fell 63 percent on weak natural gas prices, but it raised its average production forecast for the year.

* Kinross Gold Corp. : The company’s new chief executive laid out a strategy to cut costs on Thursday, but did not provide any clarity on expansion plans for the underperforming Tasiast mine in Mauritania.

* Osisko Mining Corp. : The company reported a second-quarter profit on higher production at its flagship mine.

* Open Text Corp. : The business software company reported a quarterly adjusted profit that narrowly beat analysts’ estimates, and said it was “cautiously optimistic” on Europe.

* ShawCor Ltd. : The energy services company reported a 36 percent jump in quarterly profit on higher bookings and strong performance in its pipeline and pipe services segment.

* Silver Wheaton Corp : The company’s second-quarter profit fell 5 percent as lower silver price offset increased sales.

* SunOpta Inc : The organic food processor’s second-quarter profit rose 84 percent on strong growth in the sales of packaged food and higher revenue from a subsidiary.


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

* Canaccord Financial : RBC cuts price target to C$5.25 from C$5.50; CIBC cuts target price to C$9 from C$12 after the company reported weaker-than-expected results.

* Canadian Tire Corp : Barclays raises price target to C$80 from C$78; NBF raises price target to C$79 from C$77; rating outperform; CIBC raises target price to C$82 from C$79 after the company reported stronger-than-expected quarterly results.

* Kinross Gold : NBF cuts price target to C$12.50 from C$14 on higher costs and slower development pipeline.

* Metro Inc : Barclays raises price target to C$55 from C$53, NBF raises price target to C$64 from C$60 after the company reported stronger-than-expected results driven by higher sales and more effective cost controls.

* Quebecor : RBC cuts price target to C$42 from C$43 citing slightly weaker results.


* Major Canadian economic data includes employment data for July

* Major U.S. events and data includes import & export prices, ECRI Weekly Index

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