June 18 (Reuters) - Toronto’s resource-heavy index could open lower on Friday as oil, copper and other commodity prices retreated on demand concerns.
Wall Street is set for a flat start as investors positioned for the expiration of futures and options contracts. [.N]
Canadian stock futures also pointed to a lower open. <0#SXF:>
European shares turned negative, while Asian stocks were mixed as China’s key stock index closed lower with its biggest daily drop this month.
Here is some news that could affect stock prices:
Oil prices fell more then $1 per barrel on Friday on signs that economic growth in the world’s top two oil consumers may not be as rapid as expected. [O/R]
Copper hit a one week low on Friday as investors overlooked increased risk appetite in the wider markets and remained concerned about demand prospects after weak data from the U.S., the world’s largest economy. [MET/L]
Gold held within reach of record highs in Europe on Friday as buyers looked to it as a haven against persistent fears of sovereign risk in Europe and after lacklustre U.S. data raised doubts over wider economic recovery. [GOL/]
Suncor Energy Inc (SU.TO), Canada’s biggest oil and gas company, will spend as much as C$1 billion to implement new technology to reduce its toxic tailings ponds after regulators approved the plan on Thursday. [ID:nN17267130]
Cenovus Energy Inc (CVE.TO) said on Thursday there are no plans to further expand two U.S. refineries it co-owns with ConocoPhillips, though the pair’s oil sands production could soon surpass their capacity. [ID:nN17255340]
IMAX Corp IMX.TO said it received a contract from Thai cinema operator Major Cineplex to install five IMAX digital theatre systems in Thailand. [ID:nSGE65H0F5]
Genco Resources Ltd GGC.TO on Friday issued a letter to its shareholders saying it has retained advisers to explore strategic alternatives. [ID:nSGE65H0DQ]
Auto parts maker Magna International Inc MGa.TO unveiled more details on Thursday on its proposed payout to founder Frank Stronach of nearly $900 million, but it may not be enough to satisfy regulator concerns. [ID:nN16144399]
BNP Paribas and Standard Chartered Bank have been selected to jointly arrange the debt financing package for Ivanhoe Mines Ltd’s (IVN.TO) Oyu Tolgoi mine project in southern Mongolia, banking sources said on Friday. [ID:nTOE65H06Z]
The Canadian government is prepared to introduce back-to-work legislation if there is a strike by pilots at Jazz Air Income Fund JAZ_u.TO, Labour Minister Lisa Raitt said on Thursday. [ID:nN17256854]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.
* Cenovus Energy (CVE.TO) raised to $39 from $37; rating outperform at Raymond James, Raised to $34 from $32; rating sector perform at RBC, Raised to $37 from $32; rating outperform at BMO
* Toromont Industries Ltd TIH.TO cut to outperform from strong buy at Raymond James ($1=$1.027 Canadian) (Reporting by Bangalore newsroom, editing by Ashutosh Joshi and Jeffrey Hodgson)