April 15 (Reuters) - Toronto’s main stock index looked set to open lower on Friday as investors worried the rise of Chinese inflation to a 32-month high would lead to tighter monetary policy, hitting demand in the top resource consumer.
* Canadian equity futures <0#SXF:> pointed to a lower open.
* China and India reported higher-than-expected inflation readings on Friday, giving fresh ammunition to central bankers and investors alike who are worried about mounting price pressures in the global economy. [ID:nL3E7FF17]
* S&P futures turned flat after being negative as U.S. core consumer prices came in below expectations for March. [.N]
* European equities drifted lower as worries about the euro zone debt crisis resurfaced after Moody’s cut Ireland’s rating, while a jump in inflation raised concerns of more monetary tightening in China. [.EU]
* Asian shares were poised for their first weekly loss in a month as investors took profits after a recent rally.
* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.05 percent in early trade.
* Oil prices steadied with North Sea Brent crude around $122 a barrel after data showed China’s economic growth beating forecasts, despite government efforts to cool expansion and curb inflation. [O/R]
* Gold held near record highs as euro zone sovereign debt concerns, worries over inflation and expectations U.S. interest rates will stay low all conspired to support the precious metal. [GOL/]
* Copper fell, heading for its fifth straight session of losses as investors worried Chinese inflation at a 32-month high would lead to tighter monetary policy hitting demand in the top metals consumer. [MET/L]
* Iamgold (IMG.TO): The company said it agreed to sell its 18.9 percent interest in the Tarkwa and Damang gold mines in Ghana to Gold Fields Ltd, the world’s fourth largest gold producer, for $667 million in cash. [ID:nL3E7FF1UX]
* Wi-LAN Inc. WIN.TO: The patent licensing company said it signed a new patent licensing deal with Cisco Systems, which will give the top network equipment maker a multi-year license to all of Wi-LAN’s patent portfolio. [ID:nL3E7FF1OJ]
* Platinum Group Metals (PTM.TO): The company posted a wider second-quarter loss, and said it was talking to banks for financing its majority owned Western Bushveld project in South Africa. [ID:nL3E7FE37Q]
* Catalyst Paper CTL.TO: The paper maker said it will cut the production of recycled newsprint by 5,500 tonnes at its Snowflake mill in Arizona to manage inventory levels at a time when demand for paper is easing. [ID:nL3E7FE3BY]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
* Advantage Oil and Gas Ltd (AAV.TO) price target raised to C$10 from C$8.25; rating sector performer at CIBC
* Astral Media Inc ACMa.TO price target cut to C$43.50 from C$47; rating outperform at National Bank
* Cineplex Inc (CGX.TO) price target raised to C$25.50 from C$24.50; rating sector outperformer at CIBC
* Corus Entertainment Inc (CJRb.TO) price target cut to C$23.75 from C$25.50; rating sector perform at National Bank
$1= $0.96 Canadian Reporting by Karan Khemani; editing by Jeffrey Hodgson