CANADA STOCKS-TSX may open lower on sluggish EU progress

Wed Oct 10, 2012 8:31am EDT

Oct 10 (Reuters) - Toronto's main stock index looked set to open lower on Wednesday, tracking global markets, as persisting troubles in the euro zone and a gloomy outlook for company earnings fueled worries about stalling global growth.

TOP STORIES

* The International Monetary Fund urged European policymakers to deepen the financial and fiscal ties within the euro area with some urgency to restore sagging confidence in the global financial system.

* Pharmacy chain Jean Coutu Group Inc reported a lower quarterly profit on Wednesday despite higher revenue, but profits were higher after excluding a gain that boosted-year ago earnings.

* Aurico Gold said it had agreed to sell the Ocampo mine in Mexico, as well as adjacent exploration projects and a 50 percent stake in the Orion project, to tycoon Carlos Slim's Minera Frisco for $750 million.

* Stronger demand for aluminum products from airplane and automobile producers helped Alcoa Inc's third-quarter profit before one-time charges beat Wall Street's expectations, offsetting weak aluminum prices and worries about China's slumping economy.

* Toyota Motor Corp said it would recall more than 7.4 million vehicles worldwide as a faulty power window switch was a potential fire hazard, the latest in a series of setbacks that have dented its reputation.

MARKET SNAPSHOT

* Canada stock futures traded down 0.13 percent

* U.S. stock futures , , were down around 0.03 percent to 0.28 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 309.44; fell 0.03 percent

* Gold futures : $1,764.2; rose 0.07 percent

* US crude : $92.29; fell 0.11 percent

* Brent crude : $114.4; fell 0.09 percent

* LME 3-month copper : $8,150.25; rose 0.06 percent

ANALYST RECOMMENDATIONS

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

* CI Financial Corp. : Barclays raises price target to C$24 from C$23 on higher assets under management and the possibility that the company could increase its dividend in the third quarter

* Inter Pipeline Fund : Canaccord Genuity cuts to hold from buy to reflect the recent run up in the unit price

* Lundin Mining Corp. : Goldman Sachs starts with buy rating and price target of C$7 citing the company's high-quality mining asset portfolio, copper exposure, and near-term growth potential

* Novus Energy Inc. : CIBC raises target to C$1.10 from C$0.95, says the credit increase provides comfort with the growth forecast for next year

* Taseko Mines Ltd. : National Bank Financial cuts price target to C$4.20 from C$4.60, says production is tracking in the right direction

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes wholesale inventories and Fed's Beige book

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