CANADA STOCKS-TSX may open lower, eye on resources, earnings

Mon Feb 2, 2009 8:33am EST
 
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TORONTO Feb 2 (Reuters) - Toronto's main stock index is set to open a fresh month lower as underlying commodity prices slipped and concern mounted about the global economy and deteriorating corporate profits.

The resource-rich S&P/TSX composite index .GSPTSE fell 3.25 percent in January after bursting out of the gate early in the month. U.S. stock index futures also pointed to a lower open.

Key Canadian companies due to report earnings this week are energy players TransCanada Corp (TRP.TO: Quote) and Husky Energy (HSE.TO: Quote), but the pace will pick up in the following weeks when other resources companies, and blue-chip banks and insurers unveil their results.

Here is some of the news that may affect the market.

OIL, GOLD SLIPS

Oil fell below $41 a barrel as a deepening U.S. recession shrank demand in the world's top fuel burner and evidence mounted of a global downturn. [ID:nSYD119442]

Gold slipped as short-term investors took profits, but analysts say prices will be underpinned by investors looking for a safe place to park their assets. [ID:nL2227333]

PENSION PLAN PREPARES FOR PETROCAN PROXY FIGHT-PAPER

The Ontario Teachers' Pension Plan is raising its stake in Petro-Canada PCA.TO in a move to escalate a shareholder campaign for restructuring the oil company, the Globe and Mail reported, citing sources. The move comes after a prolonged period of what the fund perceives as underperformance. [ID:nBNG414059]   Continued...