June 6, 2011 / 12:26 PM / 8 years ago

CANADA STOCKS-TSX may open lower; economy fears hurt commodities

June 6 (Reuters) - Toronto’s resource-heavy main stock index looked set to open lower on Monday after Friday’s soft U.S jobs data and rekindled concerns about an economic slowdown weighed on investor sentiment and commodity prices.


* Canadian equity futures <0#SXF:> pointed to a lower open.

* The S&P 500 looked set to retest its April lows after signs the economy was slowing pushed the index to its fifth week of losses, with many investors expecting the downtrend to continue. [.N]

* European stocks were down by midday, falling for the fourth consecutive session, led by banking stocks as a new bailout package for Greece failed to dissipate concerns over the euro zone debt crisis. [.EU]

* Asian markets were down with Nikkei closing at an 11-week low as speculation that Tokyo Electric Power Co could enter court-led restructuring and investors also fretting about slower global growth.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.42 percent in early trade.

* Brent crude slipped toward $115 a barrel as concern about demand ahead of a key OPEC meeting later this week weighed on the market. [O/R]

* Gold rose for a second day, drawing strength from investor concerns over the outlook for U.S. growth after Friday’s surprisingly weak employment data and a decline in the dollar to one-month lows. [GOL/]

* Copper gained, buoyed by a softer dollar following weak economic data out of the United States and output disruptions in producer Chile. [MET/L]


* Sino Forest Corp. TRE.TO: The company said a research report from short-seller Muddy Waters that pummeled its stock last week is inaccurate and defamatory. [ID:nN06249068]

* TransCanada Corp. (TRP.TO): The company’s 591,000 bpd capacity Keystone pipeline resumed shipping crude oil, one week after being shut by a leak at a Kansas pumping station, TransCanada said in a statement. [ID:nN05225928]

* Tekmira Pharmaceuticals Corp. TKM.TO: The biopharmaceutical company said it filed an amended complaint against its U.S. partner Alnylam Pharmaceuticals Inc, which now also seeks damages from AlCana Technologies Inc, the company set up to facilitate the partnership. [ID:nL3E7H332J]

* Cenovus Energy Inc. (CVE.TO): The company raised its output forecast for the next 10 years as it expects regulators to approve new oil sands projects by 2015. [ID:nL3E7H618P]

* Compton Petroleum Corp. CMT.TO: The gas focused-company’s quarterly profit plunged hurt by lower production and weak natural gas prices. [ID:nL3E7H3303]


Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

* Lake Shore Gold LSG.TO price target cut to C$4.50 from C$5.25, rating sector performer at CIBC

* La Mancha Resources LMA.TO coverage started with buy rating, price target of C$3.90 at Collins Stewart

$1= $0.98 Canadian Reporting by Kishan Nair; Editing by Jeffrey Hodgson

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