October 8, 2010 / 1:07 PM / 8 years ago

CANADA STOCKS-TSX set to open lower on weak jobs data

Oct 8 (Reuters) - Toronto’s main stock index looked set to open lower on Friday, hurt by reports showing unexpected job losses in the United States and Canada.


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

* Canadian dollar touched a session low against the U.S. currency after the domestic economy unexpectedly lost 6,600 jobs in September. [CAD/] [ID:nN08200558]

* U.S. stock index futures rose on Friday as investors took a worse-than-expected jobs report as a sign the Federal Reserve would take more action to spur an economic recovery. [.N]

* European shares slipped, with Barclays (BARC.L) leading the banking sector lower as a key investor effectively further cut his stake. [.EU]

* Markets in Asia were mostly down as investors took profits, but Shanghai bucked the trend to gain 3.1 percent, its highest level since early May as local markets caught up with a global rally after a week-long National Day holiday.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.07 percent in early trade.

* Oil prices slipped towards $80 a barrel, with some wary that the dollar-fuelled rally may have run ahead of supply and demand fundamentals. [O/R]

* Gold fell from Thursday’s record high after a Federal Reserve official was quoted as saying the pursuit of further U.S. monetary easing was a “tough call”. [GOL/]

* Copper on Friday fell further away from the week’s two-year highs as cautious investors awaited clues on economic recovery and possible further monetary easing in the world’s largest economy. [MET/L]


* Research in Motion RIM.TO: The United Arab Emirates will not suspend BlackBerry services on Oct. 11 after resolving a dispute with RIM over access to email and other data, state news WAM agency said on Friday. [ID:nLDE6970AM]

* TransCanada Corp (TRP.TO): The Ontario government said on Thursday it no longer sees a need for Canada’s largest pipeline company to build a C$1.2 billion ($1.18 billion) natural gas-fired power plant in the suburbs of Toronto because the region now has adequate power supplies. [ID:nN07214679]

* DragonWave Inc DWI.TO: The telecom equipment maker eked out a second-quarter profit on Thursday despite a fall-off in business from major customer Clearwire, as it looks ahead to booming interest in high-speed wireless networks. [ID:nN07167366]


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

* Bankers Petroleum BNK.TO target price cut to C$18 from C$20; rating strong buy at Raymond James

* DragonWave DWI.TO target price raised to C$5.75 from C$4.75; rating underperform at Raymond James

* Kiska Metals KSK.V coverage started with outperform rating; target price of C$1.70 at Raymond James

* Precision Drilling Corp. (PD.TO) target price raised to C$9.25 from C$8.25; rating outperform at Raymond James

$1=$1.02 Canadian Reporting by Bangalore newsroom; editing by Jeffrey Hodgson

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