July 7 (Reuters) - Toronto’s main stock index could open lower on Wednesday on softer commodity prices as concerns of a sluggish recovery in the global economy persist.
Canadian equity futures pointed to a weaker start. <0#SXF:>
U.S. stock index futures also edged down, mirroring declines in international equity markets. [.N]
European shares trimmed early losses, as banking shares cut some of their declines after sources gave details on the stress tests conducted on European banks.
Asian markets were down but the Shanghai Composite closed up, lifted by machinery and manufacturing shares.
Canadian data due out on Wednesday includes the June Ivey PMI, which should offer further clues on the pace of the economic recovery. ECONCA
Here is some news that could affect stock prices:
Crude oil dipped on Wednesday, set to stretch its losing streak for the past six trading sessions, as global investors remained concerned that the world’s economic growth was faltering. [O/R]
Gold eased in Europe on Wednesday, extending the last session’s losses, as the dollar recovered from six-week lows, and as a report that China would not make gold a major part of its reserves undermined sentiment. [GOL/]
Copper fell more than 1 percent on Wednesday, retreating after Tuesday’s rally as weaker economic data knocked the demand outlook and dollar strength deterred non-U.S. investors. [MET/L]
Total SA (TOTF.PA) has agreed to buy UTS Energy Corp UTS.TO for C$1.5 billion in cash, twice the amount the French oil major offered for the Canadian oil sands developer 18 months ago. [ID:nSGE66609U]
Suncor Energy Inc (SU.TO) said on Tuesday that output from its oil sands operations in northern Alberta fell 19 percent in June as it worked to complete planned maintenance on its largest upgrader. [ID:nN06256688]
Air Canada ACa.TO ACb.TO and WestJet Airlines Ltd (WJA.TO) flew fuller planes in June, they said on Tuesday, as air travel demand ticked up at the start of the busy summer season. [ID:nN0684935]
CHINA‘S ICBC LAUNCHES CANADIAN BANK
Industrial and Commercial Bank of China 0349.HK (ICBC), the world’s largest bank by market value, said on Tuesday it is launching operations in Canada with a plan to win clients among Chinese immigrants and businesses with ties to both countries. [ID:nN06113833]
AGRIUM‘S ARGENTINE ASSETS BUY
Canadian fertilizer maker Agrium Inc (AGU.TO) said it had completed the acquisition of retail assets and a production plant in Argentina. [ID:nSGE6650FY]
Paper maker Catalyst Paper Corp CTL.TO said it would permanently shut the 58-year-old Elk Falls paper mill in September and immediately close paper recycling operation in Coquitlam, resulting in a second quarter charge. [ID:nSGE6650J9]
Cable and telecommunications company Cogeco Inc (CGO.TO) said it filed with regulators on June 30, seeking approval to acquire 11 radio stations in Quebec from Corus Entertainment Inc (CJRb.TO). [ID:nSGE6650IS]
Mining company Gold Hawk Resources Inc GHK.V said it signed a share purchase agreement with Belgium’s Nyrstar Holdings CV (NYR.BR) to sell its remaining 15 percent interest in the operating unit of the Coricancha Mine in Peru. [ID:nSGE6660DZ]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.
* Aurizon Mines (ARZ.TO) price target raised to $6 from $5.75 rating market perform Raymond James
* Centamin Egypt Ltd. price target raised to $3.50 from $3 rating overweight Thomas Weisel
* European Goldfields Ltd. EGU.TO price target raised to $11.50 from $10 rating overweight Thomas Weisel
* Great Basin Gold Ltd. GBG.TO price target raised to $3.50 from $3; rating overweight Thomas Weisel
* Osisko Mining Corp. (OSK.TO) price target raised to $15 from $12.50 rating overweight Thomas Weisel
* Semafo Inc. (SMF.TO) price target raised to $10 from $9 rating market weight Thomas Weisel
* Taseko Mines (TKO.TO) price target cut to $4.70 from $6.40 rating hold Canaccord Genuity (Reporting by Bangalore newsroom, editing by Savio D‘Souza and Jeffrey Hodgson)