June 10, 2011 / 12:48 PM / 6 years ago

CANADA STOCKS-TSX may open lower as soft commodities offset data

June 10 (Reuters) - Toronto’s main stock index looked set to open lower on Friday as softer prices for oil, copper and other commodities offset the benefit of firmer Canadian jobs data.

Canada’s unemployment rate fell to 7.4 percent in May from 7.6 percent as 22,300 jobs were added, marked by a solid shift towards full-time private-sector employment, according to Statistics Canada data on Friday. [ID:nN10163513]

FACTORS TO WATCH

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

* The Canadian dollar strengthened to a session high after better-than-expected domestic employment data. [CAD/]

* Disappointing trade data from China and the scrapping of a large IPO fed into fears about market volatility and the economy, sending futures lower a day after stocks bounced from a six-day losing streak. [.N]

* European shares slipped as investors worried whether the slew of recent macroeconomic data was a temporary problem or signaling something more significant. [.EU]

* Asian markets were mixed but Nikkei bucked the trend to close half a percent up, taking cues from receding worries over the U.S. economy, though market players remained sceptical it would break through resistance from its 200-day moving average.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.15 percent in early trade.

* U.S. crude oil fell more than a dollar as Saudi Arabia began offering more oil to Asian refiners, easing worries about supply following an inconclusive OPEC meeting. [O/R]

* Gold held above $1,540 an ounce, shrugging off the dollar’s recovery versus the euro, as concerns over a lack of consensus on how to tackle the euro zone debt crisis boosted the metal’s haven appeal. [GOL/]

* Copper dipped after Chinese trade data showed a surprising fall in copper imports last month, but expectations that June inflows could pick up limited losses. [MET/L]

CANADIAN STOCKS TO WATCH

* Yoga-wear retailer Lululemon LLL.TO reported better-than-expected quarterly results on Friday, as online and in-store sales strengthened, sending its shares up 5.4 percent in pre-market trading. [ID:nN10210252]

* Research In Motion Ltd RIM.TO: The BlackBerry maker said it will begin to roll -out its BlackBerry PlayBook tablet device in 16 countries outside of North America over the next month. [ID:nN10163997]

* Taseko Mines Ltd. (TKO.TO): The miner’s quarterly profit plummeted 92 percent hurt mainly by a drop in production at its Gibraltar copper mine. [ID:nL3E7H93BZ]

* Com Dev International (CDV.TO): The satellite hardware maker posted a decline in second-quarter results as higher costs and delays in revenue from certain customer programs hurt the company. [ID:nL3E7H934Y]

* WebTech Wireless Inc. WEW.TO: The vehicle-tracking systems provider posted a wider quarterly loss hurt mainly by restructuring costs. [ID:nL3E7H935I]

ANALYST RECOMMENDATIONS

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

* Tahoe Resources Inc (THO.TO) price target raised to C$33.50 from C$33; rating speculative buy at Canaccord Genuity

$1= $0.97 Canadian Reporting by Kishan Nair; Editing by Jeffrey Hodgson

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