CANADA STOCKS-TSX set to open higher despite China worries
March 12 (Reuters) - Canada's main stock index was set to open higher on Wednesday, reversing losses in the previous session, even as commodities dropped on worries about the Chinese credit market.
* A fall in copper to near four-year lows compounded increasing concern about China's economic slowdown, sending a wave of unease through world financial markets.
* European Union member states have agreed on the wording of sanctions on Russia, including travel restrictions and asset freezes against those responsible for violating the sovereignty of Ukraine, according to a draft document seen by Reuters.
* China's first domestic bond default has shaken the copper market, stoking worries that financing deals that have locked up vast quantities of copper could unravel.
* A new free trade agreement with South Korea will throw a wrench into Canada's auto sector recovery, union leaders and an automaker warned on Tuesday, highlighting the pressure on an industry struggling with competition from Mexico.
* Canada stock futures edged up 0.15 percent
* U.S. stock futures , , dipped
* European shares, were down 1.1 percent
COMMODITY PRICE MOVES
* The Thomson Reuters-Jefferies CRB Index : 302.5581; fell 1 percent
* Gold futures : $1,359.7; up 1 percent
* US crude : $98.39; off 1.64 percent
* Brent crude : $107.85; down 0.6 percent
* LME 3-month copper : $6,469; off 0.1 percent
Following is a summary of research actions on Canadian companies reported by Reuters.
* Detour Gold Corp : CIBC raises target price to C$12.50 from C$10.50, says the company has the financial strength to support ongoing ramp-up activities at Detour Lake and reduce debt.
* DeeThree Exploration Ltd : CIBC raises target price to C$12 from C$11.50, based on the company's 95 percent increase in reserves and a strong recycle ratio.
* Transcontinental Inc : CIBC cuts target price to C$16 from C$17, citing modest first-quarter results.
ON THE CALENDAR
* No major Canadian data scheduled for release
* Major U.S. data includes Federal budget