April 12 (Reuters) - Toronto’s main stock index looked set to open lower on Tuesday after aluminum maker Alcoa reported revenue that missed forecasts and commodity prices fell.
Investors in the resource-heavy market could be cautious after long-term commodity bull Goldman Sachs advised its clients to take profits, saying there is a strong chance that raw materials will reverse. [MKTS/GLOB]
* Canadian equity futures <0#SXF:> pointed to a lower open.
* All 41 economists and strategists in a Reuters poll released on Thursday expected the Bank of Canada to keep its benchmark interest rate unchanged at 1 percent at their policy announcement on Tuesday. [ID:nN07149592]
* U.S. stocks index futures fell in the wake of a disappointing revenue miss from Alcoa and Japan’s upgrade of the severity of its nuclear crisis. [.N]
* European shares fell early after Japan raised the severity of its nuclear crisis to the highest level and Alcoa (AA.N) missed revenue targets as it kicked off the first-quarter U.S. earnings season. [.EU]
* Asian markets fell with Tokyo stocks dropping for a second straight day, with blue-chip shares among the losers on increasing uncertainties about the earnings outlook after the March 11 earthquake.
* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.14 percent in early trade.
* Brent crude futures pushed up to around $124.50 a barrel, edging up from a sharp fall, despite a fresh warning from the International Energy Agency that high prices could erode demand. [O/R]
* Gold fell for a second day, under pressure from a steadier dollar after having hit record highs on Monday, while a warning from Japan about the severity of its nuclear crisis fed modest safe-haven demand. [GOL/]
* Copper fell as Japan’s worsening nuclear crisis and aftershocks hit market confidence and weakened prospects for economic recovery and metals demand growth in the world’s third-largest economy. [MET/L]
* Bombardier (BBDb.TO): London Underground has picked the company as the preferred bidder to carry out the single biggest piece of upgrade work on the city’s Tube subway system. [ID:nLDE73B13I].
* Husky Energy Inc. (HSE.TO): The oil producer and refiner said on Monday its heavy oil upgrader is fixed and running at 75 percent to 85 percent of capacity following a February fire that more than halved production, contributing to a jump in Canadian synthetic crude prices. [ID:nN11118808].
* Equinox Minerals Ltd EQN.TO: Minmetal Resources Ltd, China’s biggest metals trading company, said that three Chinese banks will provide at least $4.6 billion in corporate debt financing for its bid to buy Equinox. [ID:nL3E7FC1FE]
* Gildan Activewear (GIL.TO): The T-shirts, socks and underwear maker, said on Monday it will buy U.S.-based sock maker Gold Toe Moretz Holdings for $350 million. [ID:nN11236525]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
* Canadian Western Bank (CWB.TO) rating raised to sector outperformer from sector performer at CIBC
* Contrans CSS.TO coverage started with sector perform rating and price target of C$10.50 at National Bank
* Exfo (EXF.TO) rating raised to outperform from sector perform at National Bank
* Richmont Mines RIC.TO price target raised to C$8.85 from C$8; rating outperform at National Bank
* Transforce TFI.TO coverage started with outperform rating and price target of C$17 at National Bank
$1= $0.96 Canadian Reporting by Karan Khemani; editing by Jeffrey Hodgson
