Oct 11 (Reuters) - Canada's main stock index looked set toopen higher on Thursday, on expectations that Spain would bepressured to seek a sovereign bailout after S&P downgraded it tojust one notch above junk.
* Spain faced renewed pressure to take the politicallyhumiliating step of seeking sovereign aid after a credit agencycut its rating to near junk, triggering a spike in its borrowingcosts.
* The IMF backed giving debt-burdened Greece and Spain moretime to reduce their budget deficits, cautioning that cuttingtoo far, too fast would do more harm than good.
* Europe's two biggest aerospace firms BAE and EADS will goback to the drawing board to find new strategies after Germanystymied the world's biggest arms and aviation company merger.
* Japan's Softbank Corp is in talks to acquire a majoritystake in Sprint Nextel, the No. 3 wireless carrier in the UnitedStates, for more than 1 trillion yen, a source familiar with thematter told Reuters.
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MARKET SNAPSHOT * Canada stock futures traded up 0.3 percent * U.S. stock futures , , were uparound 0.24 percent to 0.48 percent * European shares , were up COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 307.99;rose 0.19 percent
* Gold futures : $1,768.5; rose 0.3 percent * US crude : $92.11; rose 0.94 percent * Brent crude : $115.1; rose 0.67 percent * LME 3-month copper : $8,213.75; rose 0.6 percent CANADIAN STOCKS TO WATCH
* Enbridge Inc. : The company needs to do a betterjob of communicating to most British Columbians and otherCanadians the merits of its contentious Northern Gateway oilpipeline planned for the Western Canadian province, a seniorcompany official said on Wednesday.
* Gasfrac Energy Services Inc. : The oil and gastechnology services company said on Wednesday it expected itsthird-quarter revenue to be C$40 million, much below analysts'expectations, and said it had cut jobs to reduce costs.Analysts, on average, had expected revenue of C$58million.
Following is a summary of research actions on Canadiancompanies reported by Reuters.
* Air Canada : CIBC raises target price to C$3 fromC$1.50 on arbitration rulings in the company's favour and growthpotential from the launch of its new low cost carrier in thesecond half of 2013
* Canadian Pacific Railway Ltd. : CIBC raises targetprice to C$83 from C$82, says new initiatives like fasterintermodal schedule, return of 3,200 rail cars show CEO Huntermaking an early mark
* GLV Inc : National Bank Financial raises tooutperform from sector perform, says debt levels appearmanageable and the company could improve in the second quarter
* Ithaca Energy Inc. : CIBC cuts to sector performerrating on a disappointing operational update from its Athenaproject
* TriOil Resources Ltd. : Canaccord Genuity cutstarget to C$5 from C$6.25, after the company issued 7.8 millionClass A shares at $2.55 per share thereby leading to equitydilution
ON THE CALENDAR
* Major Canadian economic data includes new housing andexports and import data
* Major U.S. events and data includes import and exportprices, international trade and initial claims
($1= $0.97 Canadian)
(Reporting by Chandrashekhar Modi; Editing by Jeffrey Hodgson)
Keywords: MARKETS CANADA/STOCKS