June 22 (Reuters) - Toronto’s resource-heavy main stock index .GSPTSE could open lower on Tuesday as investors fretted about the global demand outlook for commodities.
Wall Street is also set to open lower as investors took a more cautious view over China’s vow of more yuan flexibility, while keeping a watch on home sales data out later in the session. [.N]
The Canadian dollar touched a session high against the U.S. currency, supported by inflation data that came in stronger than market expectations but eased from a month earlier. [CAD/]
European shares fell, dragged by commodity stocks and banks.
Major markets in Asia were down, however, Shanghai shares bucked the trend inching to a fresh three-week high.
Here is some news that could affect stock prices:
U.S. crude oil fell below $77 per barrel on Tuesday as stock markets slipped and on expectations that a gradual rise of China’s yuan currency would have a more limited impact on global demand than anticipated. [O/R]
Copper fell on Tuesday from the levels touched in the previous session’s rally, as investors fretted about the global demand outlook and euphoria over China giving its currency more flexibility subsided. [MET/L]
Gold firmed in Europe on Tuesday as lower prices tempted investors back to the market, amid expectations demand for the metal as a haven from risk will support prices in the medium term. [GOL/]
QLT Inc QLT.TO QLTI.O said on Tuesday a mid-stage study of its experimental eye drug in combination with a commonly used eye drug showed patients needed fewer retreatment visits, but failed to show statistically significant improvement in clarity of vision. [ID:nWNAB0143]
GAZ METRO TO CONVERT TO DIVIDEND-PAYING PUBLIC CO
Gaz said on Tuesday its board of directors approved reorganization of its public ownership structure into a new dividend-paying public corporation. [ID:nWNAB0158]
U.S. Silver Corp USA.V said on Monday a contractor’s employee died at its Galena mine near Wallace, Idaho. [ID:nSGE65K0JE]
TeraGo Inc (TGO.TO) said on Tuesday it agreed to establish a term credit facility with the Business Development Bank of Canada and plans to use the fund for capital expenditures. [ID:nWNAB0132]
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.
* First Uranium Corp FIU.TO price target cut to $1.80 from $2; rating outperform at Raymond James
* Grande Cache Coal Corp GCE.TO price target cut to $9.25 from $10.50; rating buy at Salman Partners
$1=$1.02 Canadian Reporting by Bangalore newsroom, editing by Bhaswati Mukhopadhyay and Jeffrey Hodgson