Nov 16 (Reuters) - Toronto’s resource heavy index might open slightly lower on Tuesday as stronger U.S. dollar kept commodities under pressure.
* Canadian equity futures <0#SXF:> pointed to a lower open.
* U.S. stock index futures fell on concerns over a possible interest rate increase in China and sovereign debt woes in Europe. [.N]
* European shares fell, on concern about Ireland’s debt crisis ahead of a key meeting of euro zone finance ministers and renewed talk of China further tightening its monetary policy. [.EU]
* Asian markets fell with Nikkei losing steam after touching a five-month intraday high.
* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.71 percent in early trade.
* Oil fell more than $1 to below $84, weighed down by a stronger dollar and ahead of expected news of a rise in U.S. crude stockpiles. [O/R]
* Gold remained near its lowest in nearly two weeks as a stronger dollar kept commodities under pressure, offsetting the lift to bullion from concern over the Irish debt crisis. [GOL/]
* Copper prices fell weighed down by worries top metals user China plans further steps to cool down its overheated economy and as the country reaffirmed its willingness to sell metals back to the market. [MET/L]
* Potash Corp. (POT.TO): Russia’s Phosagro, chaired by an ally of Prime Minister Vladimir Putin, said on Tuesday it would consult with Canada’s government on a bid for the fertilizer company after BHP Billiton withdrew. [ID:nLDE6AF0WJ]
* Nexen Inc. NXY.TO: The independent oil exploration company said it expects capital spending of C$2.4 billion to C$2.7 billion next year and said it is going ahead with the plans to restart exploration program in the Gulf of Mexico and added full year production to range between 230,000 and 270,000 boe/d, before royalties. [ID:nSGE6AF05F]
* Farallon Mining FAN.TO: Nyrstar, the world’s biggest producer of zinc, has made a C$409 million offer for the Canadian group as it carries out its plan to expand into mining through acquisitions. [ID:nLDE61O0Q8]
* Anderson Energy Ltd. AXL.TO: The oil and gas explorer reported on Monday a narrower quarterly loss, but forecast weak natural gas prices for the fourth quarter and lowered its full-year production outlook. [ID:nSGE6AB0KJ]
* Tekmira Pharmaceuticals’ TKM.TO: The biopharmaceutical company reported on Monday wider-than-expected quarterly loss, hurt mainly by higher research and development costs. [ID:nSGE6AE11W]
Following is a summary of research actions on Canadian companies reported by Reuters: [RCH/CA]
* Alliance Grain Traders Inc (AGT.TO) price target cut to C$35 from C$36; keeps buy rating at Canaccord Genuity.
* Anvil Mining AVM.TO rating cut to market perform from outperform at Raymond James;
* CanWel Building Materials Group (CWX.TO) coverage started with outperform rating and C$5.25 target price at Raymond James;
* Detour Gold (DGC.TO) target price raised to C$38.50 from C$33.50; keeps outperform rating at Raymond James;
* European Goldfields EGU.TO rating cut to hold rating at Numis;
* Farallon Mining FAN.TO rating cut to market perform from outperform at Raymond James;
* Glacier Media (GVC.TO) price target cut to C$3 from C$3.25 keeps outperform rating at Raymond James
* Uranium One UUU.TO price target raised to C$4.70 from C$4.20; keeps market perform rating at Raymond James;
* Xtreme Coil Drilling Corp (XDC.TO) price target raised to C$4.25 from C$3.75; keeps sector perform rating at National Bank.
($1= $1.01 Canadian)
Reporting by Bangalore newsroom; Editing by Frank McGurty