Toronto stock index set for a mixed open

Fri Aug 1, 2008 8:57am EDT
 
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*TSX may get a boost from U.S. jobs data

*Resources, GM may weigh on the index

*Nortel posts quarterly loss but revenues up

TORONTO, Aug 1 (Reuters) - The Toronto Stock Exchange's main index was expected to open mixed on Friday on weakness in commodity prices, but investors may look to quarterly reports from big names such as tech bellwether Nortel Networks Corp NT.TO NT.N> to find direction.

Nortel, North America's biggest maker of telephone equipment reported a quarterly loss that tripled from the same time last year, hurt by restructuring charges and currency exchange issues. But revenue rose and Nortel said it was on track to meet its 2008 targets.

In the United States, General Motors Corp (GM.N: Quote) reported a $15.5 billion loss, heightening concerns about the economy and credit crunch, which may weigh on Canada's market too.

Beyond earnings, the market is expected to seize on U.S. jobs data, said Rick Hutcheon, president and chief operating officer at RKH Investments.

The number of jobs eliminated in July was lower than expected, but unemployment rose to its highest level in more than four years.

The data comes one day after a report that showed soft U.S. growth, which revived concerns about a recession.   Continued...