(Reuters) – Canada’s main stock index looked set to open lower on Friday, mirroring Wall Street losses, as investors book profits after the index hit a 10-month high in the previous session.
TOP STORIES
Germany’s economic performance declined in the fourth quarter as industry reduced its production in line with weak European demand, the country’s Economy Ministry said.
Mobile operator Vodafone said some customers were not receiving emails via their Blackberry phones, and it was working with handset maker Research in Motion to rectify the problem.
Japanese Prime Minister Shinzo Abe made his biggest push yet to make jobs growth part of the Bank of Japan’s mandate as his government approved $ 117 billion of spending to revive the economy in the biggest stimulus since the financial crisis.
Credit card company American Express Co said it would cut about 5,400 jobs, or 8.5 percent of its workforce, as it restructures its business and pays legal bills.
MARKET SNAPSHOT
Canada stock futures traded down 0.8 percent
U.S. stock futures,, were mixed in the range of 0.01 percent and -0.05 percent <.n></.n>
European shares <.fteu3>, <.stoxx> were mixed <.eu></.eu></.stoxx></.fteu3>
COMMODITY PRICE MOVES
Thomson Reuters-Jefferies CRB Index <.trjcrbtr>: 296.142; fell 0.29 percent</.trjcrbtr>
Gold futures: $ 1,677.3; was unchanged 0 percent
US crude: $ 93.09; fell 0.78 percent
Brent crude: $ 110.4; fell 1.33 percent
LME 3-month copper: $ 8,099.75; fell 0.19 percent
CANADIAN STOCKS TO WATCH
Inmet Mining : Leucadia National Corporation, the largest shareholder in takeover target of the company , said late on Thursday it planned to tender its shares to bidder First Quantum , in a boost for the Canadian-listed group. The First Quantum offer will be open until February 14, 2013, unless extended or withdrawn.
ANALYSTS’ RECOMMENDATIONS
Following is a summary of research actions on Canadian companies reported by Reuters.
Bonavista Energy Corp. : Barclays cuts target to C$ 16 from C$ 19 after the company announced a 42 percent reduction in monthly dividend, cites company’s lower growth prospects
Sprott Inc. : Canaccord Genuity cuts price target to C$ 4 from C$ 4.25 based on a lower performance fee outlook and market depreciation
Canadian Pacific Railway Ltd. : BMO raises target to C$ 102 from C$ 97 to reflect the company’s lower equipment rent and pension costs and its recent favourable labor arbitration ruling
Penn West Petroleum Ltd. : Barclays cuts price target to C$ 12 from C$ 13 after the company announced a lower-than-expected capital budget and production outlook
Postmedia Network Canada Corp. : Canaccord Genuity raises target to C$ 1.25 from C$ 0.65 citing the company’s cost reductions from its transformation plan
ON THE CALENDAR
Major Canadian economic data includes international trade
Major U.S. events and data includes international trade, import and export prices and federal budget
($ 1= $ 0.98 Canadian)
(Reporting by Ayesha Sruti Ahmed)
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