June 11 Canadian stocks were expected to open lower on Tuesday, hurt by worries that major central banks could soon end an era of ultra-loose monetary policy, after the Bank of Japan left monetary policy unchanged and as the European Central Bank faced a legal challenge over its bond-buying program.
Shares of Lululemon Athletica were also expected to weigh after the company said on Monday that Chief Executive Christine Day will step down once it finds a replacement.
* Encana Corp, Canada's biggest natural gas producer, on Tuesday named former BP Plc executive Doug Suttles as its new chief executive officer.
* The head of Germany's Constitutional Court said that the success of the European Central Bank's bond-buying program in restoring calm to the euro zone would have no impact on its ruling of whether the scheme is constitutional or not.
* Bank of Japan Governor Haruhiko Kuroda said the central bank will consider fresh steps to calm markets if borrowing costs spike again in the future, but the central bank held off on new measures arguing that bond markets had stabilized.
* Japanese mobile operator SoftBank Corp said it agreed with Sprint Nextel Corp to raise its offer for the U.S. wireless carrier to $21.6 billion from $20.1 billion, as it fights off a counter bid by Dish Network Corp.
* Sony Corp on Monday priced its latest PlayStation 4 console $100 lower than the new Xbox One by rival Microsoft Corp as competition for gamers' pockets intensifies ahead of the year-end holidays and gift-giving season.
* Canada stock futures traded down 1.1 percent
* U.S. stock futures , , were down around 0.76 percent to 0.97 percent
* European shares, were down
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 285.0433; fell 0.69 percent
* Gold futures : $1,374.1; fell 0.87 percent
* US crude : $94.52; fell 1.31 percent
* Brent crude : $102.4; fell 1.49 percent
* LME 3-month copper : $7,062.75; fell 1.39 percent
CANADIAN STOCKS TO WATCH
* Dundee Precious Metals Inc : The company does not expect the new government in Bulgaria to hold up its plans to double total gold production by 2016, the company's CEO Rick Howes said.
* Kinross Gold Corp : The miner said on Monday it is halting development at its Fruta del Norte gold project in Ecuador after failing to reach an agreement with the government over a windfall tax on revenues.
* North American Energy Partners Inc : British construction company Keller Group Plc said it would buy North American Energy Partners' piling business for up to C$320 million, as it seeks to expand its footprint in Canada.
* Telus Corp : The wireless company ended its plan to buy struggling startup Mobilicity after the government blocked the deal in an effort to boost competition in the sector. Mobilicity said late on Monday that it would now pursue its previously announced recapitalization plan, which will be voted on by debtholders at a meeting on June 25, 2013.
Following is a summary of research actions on Canadian companies reported by Reuters.
* Air Canada : Canaccord Genuity raises price target to C$5.50 from C$5.25 given substantial potential upside from new initiatives including new B777s and B787s supplemented by cost initiatives.
* Cub Energy Inc : Canaccord Genuity starts with buy rating, says the company has successfully unlocked a self-sustaining development program and is currently ramping up production in Ukraine.
* Lululemon Athletica Inc : Canaccord Genuity cuts price target to $87 from $92, says the surprising announcement of CEO Christine Day's departure is a relevant development that will weigh on the stock in the near term.
ON THE CALENDAR
* No major Canadian economic data scheduled
* Major U.S. events and data includes Redbook, wholesale inventories and wholesale sales