CANADA STOCKS-TSX may open lower as commodities sag
TORONTO, June 3 (Reuters) - Toronto's main stock index could open slightly lower on Wednesday as a dip in oil prices puts downward pressure on the resource-laden index, and Toronto follows world stocks lower after recent gains.
European stocks fell and Wall Street was set for a weaker start on Wednesday as investors turned cautious after a recent run-up on optimism the global economy is recovery. [MKTS/GLOB]
On Tuesday, the S&P/TSX composite index .GSPTSE closed down 15.27 points, or 0.14 percent, at 10,588.79.
Here is some news that could affect the market:
BOMBARDIER INC (BBDb.TO)
Bombardier Inc reported a 31 percent drop in quarterly profit on Wednesday and said cancellations in business aircraft have outpaced the level of new orders. [ID:nBNG426045]
TORONTO-DOMINION BANK (TD.TO)
Toronto-Dominion Bank is looking into allegations that a handful of traders improperly passed on rumors to clients about a stock believed to be Canadian oil sands company OPTI Canada (OPC.TO), the Globe and Mail newspaper said on Wednesday. [ID:nN03543529]
AGRIUM INC (AGU.TO)
Agricultural products retailer and fertilizer maker Agrium Inc (AGU.TO) reaffirmed its offer to buy U.S. rival CF Industries (CF.N) on Wednesday, in a bid to grow the size of its fertilizer business and expand its distribution network. [ID:nN03495472]
MAGNA INTERNATIONAL (MGa.TO)
Canadian auto supplier Magna International aims to close a deal with General Motors Corp GM.N over its Opel unit in September, Magna's co-Chief Executive Siegfried Wolf said Wednesday. [ID:nL3521811]
TEMBEC INC (TMB.TO)
Tembec Inc announces curtailment of Pine Falls, Manitoba, newsprint operations and says shutdown will be for a minimum of three weeks from June 16. The company says the shutdown will affect about 300 employees and all levels of the newsprint and forestry operations. [ID:nWEN9970]
OIL DROPS
The price of oil dropped to below $68 a barrel after a seven-day rally ahead of weekly U.S. inventory data and as investors grew more cautious ahead of the $70 mark. [ID:nSP477138]
GOLD, BASE METALS
Gold slipped on Wednesday, paring early gains, as the dollar recovered lost ground versus the euro, denting interest in the metal as a hedge against weakness in the U.S. currency. [ID:nL3734926] Base metals were mixed. [ID:nL3460063]
RESEARCH ROUND-UP
HSBC cut First Quantum Minerals (FM.TO) to underweight from neutral on valuation, but raised its target price to C$47.50 from C$33. [ID:nWNAB6140]
RBC raised Barrick Gold (ABX.TO) to outperform from sector perform.
UBS cut Alimentation Couche Tard (ATDb.TO) price target to C$14 from C$14.50. For more research, see: [CA-RCH] ($1=$1.09 Canadian) (Reporting by Jennifer Kwan; Editing by Padraic Cassidy)
