CANADA STOCKS-TSX may open lower; fiscal cliff, euro zone weigh

Fri Nov 9, 2012 8:42am EST

Nov 9 (Reuters) - Canada's main stock index looked set to open lower on Friday, tracking softer global market, as investors remained skeptical over a looming fiscal crisis while euro zone's debt problems also weighed on market sentiment.

TOP STORIES

* Telus Corp, Canada's third-largest wireless company, reported an 8 percent rise in third-quarter profit as it added more postpaid customers than larger rival Rogers Communications Inc's.

* Growth in Germany, Europe's largest economy, is likely to weaken in the fourth quarter of this year and the first of 2013 as firms postpone investments due to the euro zone crisis.

* France's central bank said it expected the euro zone's second-largest economy to slip into recession as 2012 ends - a scenario that could make it harder for the government to hit next year's debt-reduction targets.

* Enerplus reported a third-quarter loss due to certain asset impairments and said it expects growth to slow down next year as it cuts capital spending by 20 percent.

* HSBC, Europe's biggest bank, said it was investigating the alleged loss of data for clients in Jersey but had not been notified of any investigation by tax authorities.

* Credit Agricole reported a 2.85 billion euro quarterly loss, as the French bank paid the price for its exit from Greece and other markets.

MARKET SNAPSHOT

* Canada stock futures traded down 0.69 percent

* U.S. stock futures , , were down around 0.33 percent to 0.59 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 290.88; fell 0.48 percent

* Gold futures : $1,732.5; rose 0.41 percent

* US crude : $84.31; fell 0.92 percent

* Brent crude : $106.55; fell 0.65 percent

* LME 3-month copper : $7,522; fell 1.42 percent

CANADIAN STOCKS TO WATCH

* Nexen Inc. : China's top offshore oil and gas producer, CNOOC Ltd, said it is confident of winning regulatory approval from Canada this year for its $15.1 billion bid for the oil producer even though Ottawa has extended its review of the deal twice.

* Alliance Grain Traders Inc. : The trader of legume crops, reported lower quarterly profit on Thursday, even as it said problems for its customers accessing credit were beginning to ease.

* TMX Group Ltd. : The operator of the Toronto Stock Exchange reported a profit in its first quarterly results after it was bought by a group of Canadian banks, pension funds and insurers.

ANALYST RECOMMENDATIONS

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

* Canadian Natural Resources Ltd. : National Bank Financial cuts target to C$40 from C$42 and RBC cuts target to C$40 from C$42, after the company posted weaker-than-expected third-quarter results

* Crew Energy Inc. : CIBC cuts to sector performer from sector outperformer citing the company's lower-than-expected third-quarter results and its muted growth profile

* Dorel Industries Inc. : CIBC cuts to sector performer from sector outperformer

* Gluskin Sheff + Associates Inc. : CIBC ups to sector performer from sector underperformer, says the company is now in a position to grow assets under management faster than operating expenses

* Trilogy Energy Corp. : National Bank Financial cuts to sector perform from outperform, on the company's third-quarter being challenging due to weather delaying operations and continued runtime issues at the Montney oil pool

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes import and export prices, Reuters/University of Michigan sentiment and wholesale inventories and sales

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