October 7, 2013 / 12:22 PM / 7 years ago

CANADA STOCKS-TSX may open lower as U.S. budget stalemate lingers

Oct 7 (Reuters) - With the U.S. government stalemate entering its second week, Canada’s main stock index was set for a lower open on Monday as a lack of progress after talks over the weekend dented investor confidence.


* As the U.S. government moved into the second week of a shutdown with no end in sight, a deadlocked U.S. Congress also confronted an Oct. 17 deadline to increase the nation’s borrowing power or risk default.

* The World Bank lowered its 2013 and 2014 economic growth forecasts for China and most of developing East Asia, citing slower growth in the world’s most populous nation as well as weaker commodity prices that have hurt exports and investments in countries such as Indonesia.

* Airbus announced its first jet order from Japan Airlines Co Ltd, breaking open the last big aviation market dominated by Boeing Co in a move that suggests the U.S. company may pay for the 787 Dreamliner’s troubled debut.

* Apollo Tyres’ $2.5 billion acquisition of Cooper Tire & Rubber Co has flared into a war of words as the two companies haggle over the price of the deal plagued by labor issues in the United States, where Cooper is based, and in China.


* Canada stock futures traded down 0.63 percent

* U.S. stock futures , , were down around 0.87 percent to 0.7 percent

* European shares, were down


* Thomson Reuters-Jefferies CRB Index : 286.4369; fell 0.2 percent

* Gold futures : $1,311.8; rose 0.16 percent

* US crude : $102.82; fell 0.98 percent

* Brent crude : $108.59; fell 0.79 percent

* LME 3-month copper : $7,185.25; fell 1.03 percent


* BlackBerry Ltd : The company, on the block as its smartphone business struggles, is in talks with Cisco Systems, Google Inc and SAP AG about selling them all or parts of itself, several sources close to the matter said.

* Bank of Nova Scotia : India’s customs department has cleared more than a tonne of gold, part of which was owned by Bank of Nova Scotia, at Mumbai airport after rule clarifications at a high-level meeting held last month, industry and bank officials said on Saturday. [ID: nL4N0HV05Z]


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

* Ag Growth International Inc : CIBC raises target price to C$38 from C$33 to reflect higher international backlog.

* Calfrac Well Services Ltd : CIBC cuts target price to C$40 from C$41 after the company announced that its third-quarter results will not meet its expectations.

* Sandvine Corp : National Bank Financial raises price target to C$3.50 from C$2.50, says the company is outpacing the competition after years of R&D investment.


* Major Canadian economic data includes building permits

* Major U.S. events and data includes consumer credits

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