June 5, 2012 / 12:20 PM / 7 years ago

CANADA STOCKS-TSX may open lower, G7 and Bank of Canada eyed

June 5 (Reuters) - Toronto’s main stock index looked set to open lower on Tuesday as investors await the outcome of emergency G7 finance chiefs’ discussions and the Bank of Canada’s rate decision.


* Germany is likely to come under severe pressure to do more to stimulate growth and help the euro zone on a conference call between finance ministers of the world’s major economies on Tuesday, a senior G7 source told Reuters.

* The Bank of Canada may signal that it is more reluctant to raise interest rates than it was seven weeks ago, without completely reversing its message that Canadians must prepare for higher borrowing costs down the road.

* Spain said credit markets were closing to the euro zone’s fourth biggest economy as finance chiefs of the Group of Seven major economies were to hold emergency talks on the currency bloc’s worsening debt crisis.

* Russian state firm Rosneft has hired a former TNK-BP executive to run its refining and marketing businesses, sources close to the companies said, bolstering a management team as BP pursues the sale of a stake in the country’s No.3 oil producer.


* Canada stock futures traded down 0.28 percent

* U.S. stock futures , , were down around 0.24-0.38 percent

* European shares, were mixed


* Thomson Reuters-Jeffries CRB Index : 269.84; fell 0.06 percent

* Gold Futures : $1617.7; rose 0.34 percent

* US Crude : $83.67; fell 0.37 percent

* Brent Crude : $98.14; fell 0.72 percent

* LME 3-month Copper : $7361.2; fell 1.14 percent


* Cable manufacturer Belden Inc said it agreed to acquire Canadian broadcast equipment maker Miranda Technologies Inc in a deal valued at about C$372 million ($357.31 million).

* Westport Innovations. : Earth-moving equipment maker Caterpillar Inc will tie up with Westport Innovations to develop natural gas-powered engines for mining trucks and locomotives to take advantage of low prices for the fuel.

* Crocotta Energy Inc. : The oil and natural gas company expects its second-quarter output to more than double on higher drilling at Alberta and British Columbia, which could help the company exceed its full-year production outlook.

* Canadian Pacific Railway : The railroad said Paul Haggis has been elected chairman, three weeks after a bitter proxy battle with New York activist shareholder William Ackman led to top level resignations at the company.


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

* Rainy River Resources : CIBC cuts price target to C$8 from C$11 to reflect revised estimates for project development and financing of the RRGP project, rating sector performer

* Blackpearl Resources Inc : Canaccord Genuity cuts price target to C$6.50 from C$6.75 to reflect the recent weakness in oil prices; rating buy


* Major Canadian economic data includes building permits and Bank of Canada rate decision

* Major U.S. events and data includes ISM Non-manufacturing

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