May 10 (Reuters) - Toronto main stock index looked set to open higher on Tuesday after strong Chinese trade data lifted optimism about the pace of economic recovery and demand for raw materials.
* Canadian equity futures <0#SXF:> pointed to a higher open.
* U.S. stock index futures rose as strong Chinese trade data eased concerns of a slowdown in the world’s second-largest economy and pointed to strong global demand. [.N]
* European shares rose, with higher metals prices boosting heavyweight miners as strong Chinese trade data lifted optimism about the pace of economic recovery. [.EU]
* Markets in Asia were mixed, with Nikkei edging up on a report that Toyota Motor Corp’s output will likely return to normal two or three months earlier than expected.
* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.32 percent in early trade.
* Oil prices shed more than 1 percent amid higher margins for oil futures trade but unexpectedly high Chinese crude imports were supportive. [O/R]
* Gold was set for a third daily rise, after a retreat in the dollar helped reverse earlier losses, while concern about Greece’s debt crisis was expected to insulate the price from any severe declines. [GOL/]
* Copper climbed, as robust China trade figures burnished demand expectations for the metal used in power and construction offsetting news that headline imports in April fell. [MET/L]
* PetroBakken Energy Ltd. PBN.TO: The oil firm’s first-quarter profit more than halved, partly hurt by lower production. [ID:nL3E7GA0G3]
* Trican Well Service Ltd. (TCW.TO): The oil field services company said its first-quarter net income more than doubled, helped by an increase in drilling activity in oil and liquids-rich plays on the back of surging oil prices. [ID:nL3E7GA00N]
* Gran Tierra Energy Inc. (GTE.TO): The oil exploration and production company posted a higher quarterly profit helped by an increase in realized crude oil prices and raised its capital expenditure forecast for 2011. [ID:nL3E7GA1J8]
* Rocky Mountain Dealerships Inc. (RME.TO): The construction and agriculture equipment broker posted a 52 percent rise in its first-quarter profit, helped by higher new and used equipment sales. [ID:nL3E7GA21J]
* North American Palladium Ltd. PDL.TO: The precious metals company’s first-quarter loss narrowed, but the company cut its 2011 palladium production forecast as it shifts focus to development from production. [ID:nL3E7GA0CY]
* Mega Brands Inc. MB.TO: The toymaker said that Quebec’s financial regulator has undertaken an administrative proceeding regarding the exercise of options in 2005 by current and former executives, including CEO Marc Bertrand. [ID:nL3E7GA0CU]
* Flint Energy Services Ltd. FES.TO: The oilfield service firm posted a quarterly loss, hurt mainly by weaker activity across all but one of its segments. [ID:nL3E7G93KV]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
* Canadian Tire Corp Ltd (CTC.TO) price target raised to C$72 from C$71; rating sector outperformer at CIBC
* East Asia Minerals Corp EAS.V price target cut to C$4.60 from C$7.50; rating hold at Canaccord Genuity
* Ensign Energy Services Inc (ESI.TO) price target raised to C$22 from C$21, rating sector performer at CIBC; price target raised to C$21 from C$18, rating sector perform at RBC
* Forzani Group Ltd FGL.TO rating cut to sector performer from sector outperformer at CIBC
* Katanga Mining Ltd (KAT.TO) price target raised to C$2.10 from C$2; rating sector performer at CIBC
* Orbit Garant Drilling Inc (OGD.TO) coverage started with outperform rating; C$8 price target at National Bank
* Thompson Creek Metals Co Inc TCM.TO price target cut to C$18 from C$19; rating sector outperformer at CIBC
$1= $0.96 Canadian Reporting by Kishan Nair; editing by Jeffrey Hodgson