Canadian Stocks Poised For Rough Start On Greek Impasse -- Canadian Commentary

(RTTNews) - Early signs point to weakness on Bay Street Monday morning, after big losses in Europe brought on by the Greek debt crisis.

Greece has called for a referendum on the proposals from its creditors and has declared bank holiday and imposed capital controls until the July 6th referendum.

Analysts fear Greece is likely to get booted from the euro zone, and that other profligate countries like Portugal may be next.

The S&P/TSX composite index lost 89.41 points to close Friday at 14,808.09.

Energy stocks will be in play this morning. U.S. crude oil for August was down $1.29 at $58.34 a barrel, its lowest level this month.

Chinese train maker CRRC Corp Ltd rebuffed media reports that it plans to buy the rail business of Canada's Bombardier.

Bank of Nova Scotia has warned soccer's Confederation of North, Central American and Caribbean Association Football (CONCACAF) that it will withhold funds unless the group cleans up its act, Reuters reports.

Tourmaline Oil will acquire Mapan Energy Ltd. For C$105.98 Million.

Husky Energy says oil production will begin at its South White Rose Extension.

Grocery chain Loblaws has recalled a batch of store-made spaghetti sauce as it may potentially contain pieces of glass.