May 30 (Reuters) - Canada's main stock index looked set to open lower on Wednesday, tracking global markets, on reports that China is not planning a large stimulus package and as rising Italian and Spanish bond yields heightened fears about the euro zone's debt crisis.
The latest troubles of Research In Motion will also weigh.
* Research In Motion Ltd has hired bankers for a far-reaching strategic review and to look for partnerships as the BlackBerry-maker warned it would likely report a shock fiscal first-quarter operating loss.
* The euro zone should move to a banking union and consider directly recapitalising banks from its permanent bailout fund, the European Commission said in annual economic recommendations that shone a critical light on Spain.
* China does not need massive fiscal stimulus to stabilize growth and calm investors fretting that the global economy may slip back into a similar crisis as 2008-2009, top policy advisers said.
* Italy paid a high price for Spain's troubles when its 10-year bond borrowing costs topped 6 percent at auction, the highest level since January.
* Canada stock futures traded down 0.51 percent
* U.S. stock futures , , were down around 0.8 percent
* European shares, were down
* Thomson Reuters-Jeffries CRB Index : 277.32; fell 0.87 percent
* Gold Futures : $1546.4; fell 0.14 percent
* US Crude : $89.32; fell -1.59 percent
* Brent Crude : $104.93; fell -1.64 percent
* LME 3-month Copper : $7553; fell 1.54 percent
CANADIAN STOCKS TO WATCH * Indigo Books & Music Inc. : The book seller reported lower fourth-quarter revenue, hurt by a decline in book sales. * Cascades Inc. : The green packaging and tissue paper products maker said it has dropped plans to shut down its containerboard mill in Ontario, after it reached an agreement with its employees. * Cenovus Energy Inc. : Illinois Attorney General Lisa Madigan sued current and past owners of Phillips 66's Wood River, Illinois, refinery on Tuesday, alleging the ground water in the nearby town of Roxana, Illinois, was contaminated by the plant.
* Canada's House of Commons has passed legislation to force striking Canadian Pacific Railway Ltd locomotive engineers, conductors and rail controllers back to work.
Following is a summary of research actions on Canadian companies reported by Reuters.
* Research In Motion : BMO, Citi, Baird, Nomura, CIBC and others cut price target, after the BlackBerry-maker warned it would likely report a shock fiscal first-quarter operating loss, while JMP raises to market perform from market underperform on valuation
* Air Canada : Canaccord Genuity raises price target to C$5 from C$4.75 and said tumbling fuel prices would drive up profitability, rating buy
* Bank of Nova Scotia : Barclays raises price target on the back of strong earnings
* Transat A.T. : Canaccord Genuity raises to buy from hold on valuation; raises price target to C$5 from C$4.75
* Sabina Gold & Silver : RBC cuts price target to C$4 from C$5, says Nunavut-focused exploration companies could face operational challenges; rating outperform
* Major Canadian economic data includes producer prices
* Major U.S. events and data includes Redbook chain store sales, pending home sales and Dallas Fed Texas service sector