CANADA STOCKS-TSX may open lower, China data fuels growth fears

Mon Sep 10, 2012 8:33am EDT

Sep 10 (Reuters) - Toronto's main stock index looked set to open lower after Chinese data increased worries about the slowing global economy, with investors also looking ahead to potential U.S. Federal Reserve stimulus and a German constitutional court ruling on the euro zone's bailout fund.

TOP STORIES

* Weak Chinese trade data on Monday underlined the likelihood of more Beijing-backed spending to deal with the damage done to the domestic economy by firms cutting production, inventories and imports in the face of anemic global demand.

* Commodities trader Glencore laid out its raised $36 billion all-share bid for Xstrata on Monday, warning it would not improve the terms again after making concessions to recalcitrant shareholders.

* Greek Prime Minister Antonis Samaras sought on Monday to bridge differences with the country's lenders over a near 12-billion-euro austerity package, after they rejected parts of the plan that Athens hopes will unlock further aid payments.

* Plains Exploration & Production Co said it will buy BP Plc's interests in some deepwater Gulf of Mexico oil and gas properties for $5.55 billion.

* Talisman Energy Inc , Canada's No. 5 independent oil explorer, said Chief Executive John Manzoni has stepped down, effective immediately.

MARKET SNAPSHOT

* Canada stock futures traded down 0.11 percent

* U.S. stock futures , , were down around 0.2 percent

* European shares, were mixed

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 311.57; fell 0.03 percent

* Gold futures : $1,731.4; fell 0.35 percent

* US crude : $96.17; fell 0.26 percent

* Brent crude : $114.62; rose 0.32 percent

* LME 3-month copper : $8,055; rose 1.07 percent

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters.

* Denison Mines : Raymond James cuts target to C$1.70 from C$1.80, cuts Paladin Energy to C$2 from C$2.20, Uranium Participation Corp to C$7.70 from C$8 to reflect recent softness in the spot uranium market

* Lululemon : Nomura raises price target of its U.S. listed shares to $62 from $55 based on a lower tax rate

* Manitoba Telecom Services : CIBC cuts target to C$34 from C$37 on adjusting treatment of some capitalized wireless costs of acquisition in order to conform with peers

* MBAC Fertilizer Corp : Canaccord Genuity cuts price target to C$4.70 from C$4.75 after the close of equity financing

* Telus Corp : CIBC raises price target to C$65 from C$61, saying it is positive given continued fundamental execution, better geographic mix, strong competitive positioning, and a positive dividend payout profile.

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes consumer credit

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article