TSX may open lower, EU summit in focus

(Reuters) - Canada's main stock index looked set to open lower on Thursday, as investors eyed earnings from major U.S. companies and a meeting in Europe designed to make progress in dealing with the region's debt crisis.

TOP STORIES

European leaders will try to bridge deep differences over plans for a banking union at a summit but no substantial decisions are expected, reviving concerns about complacency in tackling the three-year-old debt crisis.

Nokia reported third-quarter loss and dwindling cash reserves, but results were better than expected ahead of next month's launch of new smartphones it hopes can win back market share from Apple and Samsung.

Morgan Stanley said that it lost money in the third quarter, though income from continuing operations rose sharply on higher trading revenue when excluding accounting charges to reflect swings in the price of its own debt.

China likely hit the bottom of a seven-quarter long economic downturn between July and September, but the slowest three months of growth since the depths of the financial crisis and a cloudy housing market outlook make recovery prospects tepid.

Striking miners at one of Gold Fields' South African operations returned to work, but there was no end in sight to the country's worst wildcat walkouts since the end of apartheid due to renewed unrest at Lonmin's Marikana mine.

MARKET SNAPSHOT

Canada stock futures traded down 0.14 percent

U.S. stock futures,, were mixed around -0.23 percent to 0.01 percent <.n/>

European shares <.fteu3>, <.stoxx> were down <.eu/>

COMMODITY PRICE MOVES

Thomson Reuters-Jefferies CRB Index <.trjcrbtr>: 307.64; fell 0.19 percent

Gold futures: $1,747.7; fell 0.22 percent

US crude: $91.86; fell 0.28 percent

Brent crude: $112.7; fell 0.46 percent

LME 3-month copper: $8,209.85; was unchanged

CANADIAN STOCKS TO WATCH

Forbes & Manhattan Coal : The miner said employees at its Magdalena and Aviemore underground mines in South Africa are on strike seeking higher wages.

Telus Corp. : The telecommunications company's shareholders voted on Wednesday in favor of a proposal to exchange the company's non-voting shares for common shares on a one-for-one basis, dealing a blow to top stakeholder Mason Capital, which had argued voting class holders should receive a premium.

ANALYST RECOMMENDATIONS

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

Aeterna Zentaris Inc. : Canaccord Genuity cuts price target to $2.90 from $3.90 after the closing of the company's $16.5 million financing and says it does not see meaningful developments from its deep late-stage pipeline until next year.

Aurico Gold Inc. : National Bank Financial cuts to sector perform from outperform based on the company's share price appreciation; raises target price to $8.50 from $8 to reflect corporate savings and a one-time special dividend.

Bauer Performance Sports Ltd. : National Bank Financial resumes coverage with outperform rating and target price C$12.50 following the company's first-quarter results, its new product line and its acquisition of sports apparel company Inaria.

Capital Power Corp. : CIBC resumes coverage with sector outperformer rating and price target $24.50 to reflect a conservative view of Alberta power prices, lower contribution from the company's New England projects and a higher risk premium.

Celtic Exploration Ltd. : Canaccord Genuity cuts to hold from buy and cuts price target to C$25.66 citing the company's agreement to be bought by ExxonMobil Canada for C$2.6 billion.

($1= $0.97 Canadian)

(Reporting by Chandrashekhar Modi; Editing by Jeffrey Hodgson)

Source: http://news.yahoo.com/tsx-may-open-lower-eu-summit-focus-121457813--sector.html

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