CANADA STOCKS-TSX may open lower on stimulus worries; eye on Empire Co

June 13 Thu Jun 13, 2013 8:36am EDT

June 13 (Reuters) - Canada's main stock index looked set to open lower on Thursday, following a global equity market sell-off driven by worries over the possible scaling back of central bank monetary stimulus.

Shares of Canadian grocers are expected to be active after Sobeys parent Empire Co Ltd said on Wednesday it is acquiring Safeway Inc's assets in Canada for $5.7 billion, in a move that will nearly double its reach in the country's western provinces.

TOP STORIES

* The World Bank cut its outlook for global growth, saying the economy should expand more slowly this year than last as it cited a deeper-than-expected recession in Europe and a recent slowdown in some emerging markets.

* The Bank of Japan expects bond yields to stabilize over time with its flexible market operations and massive asset purchases, a central bank policymaker said, signaling that it has no immediate plans to take fresh steps to calm volatile markets.

* Wal-Mart Stores Inc has in recent months been only hiring temporary workers at many of its U.S. stores, the first time the world's largest retailer has done so outside of the holiday shopping season.

* Mining giant Rio Tinto has agreed to sell its Eagle project to Lundin Mining Corp for $325 million in cash.

MARKET SNAPSHOT

* Canada stock futures traded down 0.38 percent

* U.S. stock futures , , were down around 0.55 percent to 0.20 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 284.4188; fell 0.47 percent

* Gold futures : $1,384.6; fell 0.52 percent

* US crude : $95.33; fell 0.57 percent

* Brent crude : $103.1; fell 0.38 percent

* LME 3-month copper : $7,074.75; fell 0.64 percent

CANADIAN STOCKS TO WATCH

* Lululemon Athletica : The yogawear maker Chairman Dennis "Chip" Wilson sold stock worth $50 million days before shares slumped on the news of CEO Christine Day's surprise departure.

* TransCanada Corp : Canada's National Energy Board rejected TransCanada's request to review its decision to cut fixed tolls on the company's mainline, a cross-country natural gas pipeline network, the company said on Wednesday.

ANALYSTS' RECOMMENDATIONS

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

* BlackBerry : Socgen raises to buy from sell, target price to $17 from $13; on valuation, says the company's new handset sales have been better-than-expected.

* Iamgold Corp : Socgen cuts target price to C$4.9 from C$5 on based on high all-in sustaining costs, declining grades and project risks.

* Imperial Oil Ltd : RBC cuts target price to C$48 from C$49 on valuation.

ON THE CALENDAR

* Major Canadian economic data includes capacity utilization and new housing prices

* Major U.S. events and data includes retail sales, import and export prices, continuing claims and business inventories