November 30, 2010 / 2:09 PM / 8 years ago

CANADA STOCKS-TSX to open lower on EU debt worries, soft growth

Nov 30 (Reuters) - Toronto’s main stock index looked set to open lower on Tuesday as investors remain worried about European debt levels and data showing Canada’s economy grew by less than expected in the third quarter.


* Canadian equity futures <0#SXF:> pointed to a lower open.

* U.S. stock index futures were lower as worries persisted over euro zone debt and ahead of key data that will indicate the strength of a recovery in the world’s largest economy. [.N]

* Canada’s economy disappointed in the third quarter with the weakest growth rate in a year, while the economy shrank outright in September, adding pressure on policy makers to safeguard the patchy recovery. [ID:nN30202447]

* European shares drifted higher from the previous day’s eight-week closing lows, though persistent worries that the debt crisis could spread to other weak euro zone countries forced investors to stay cautious. [.EU]

* Markets in Asia were largely lower with Nikkei down almost 2 percent, as a tumble in Chinese shares on liquidity worries pushed investors to book profits on a sharp rally for Japan stocks this month.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.30 percent in early trade.

* Oil fell towards $85, consolidating as the dollar hit a 10-week high and the euro fell on worries over the European debt crisis and concerns China may raise interest rates and cap energy demand growth. [O/R]

* Gold climbed and set fresh record highs in euro terms, benefiting from safe-haven buying as a weekend rescue package for Ireland failed to assuage investors’ jitters over further debt contagion in the euro zone. [GOL/]

* Copper traded steady, supported by persistent concerns about supply tightness, with downward pressure expected due to worries about euro zone debt. [MET/L]


* Enbridge Inc. (ENB.TO): The pipeline operator has restricted oil volumes on another of its U.S. pipelines for December after its shippers requested more capacity than is available. [ID:nN29235793]

* Yamana Gold Inc. (YRI.TO): The gold miner said on Monday it has made new discoveries at its two main development projects that could increase production from the mines to levels above those estimated in its original feasibility studies. [ID:nN29227343]

* Inmet Mining Corp. IMN.TO: The base metals miner on Tuesday agreed to acquire Leucadia National Corp’s 30 percent indirect equity interest and subordinated sponsor loans in the Cobre Las Cruces copper mine for $552 million, taking its stake in the mine to 100 percent. [ID:nSGE6AT048]


Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

* Candente Copper Corp (DNT.TO) target price raised to C$2.25 from C$1.50; keeps strong buy rating at Raymond James

* Petrodorado Energy Ltd (PDQ.V) target price raised to C$1.25 from C$1; keeps outperform rating at Raymond James

* Savanna Energy Services SVY.TO rating raised to outperform from market perform at Raymond James

($1= $1.02 Canadian)

Reporting by Kishan Nair and Bangalore Newsroom; editing by Jeffrey Hodgson

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