CANADA STOCKS-TSX seen opening lower as oil, metals sag
TORONTO, Oct 2 (Reuters) - Toronto's main stock index could open lower on Friday as weak oil and metals prices pressured weighty energy and mining shares.
Toronto could also follow tumbling world stocks as investors grew more cautious about the pace of economic recovery. [MKTS/GLOB]
U.S. stock index futures signaled a weaker open ahead of a key U.S. jobs report due at 8:30 a.m. EDT (1230 GMT). [.N]
On Thursday, the S&P/TSX composite index .GSPTSE ended down 323.20 points, or 2.84 percent, at 11,071.76. That marked the TSX's lowest close since Sept. 9.
Here is some news that could affect the market:
PENGROWTH ENERGY PGF_u.TO
Pengrowth Energy Trust said on Thursday it will cut its cash distribution by 30 percent starting in November so it can expand capital expenditures and cut debt. [ID:nN01298870]
Paul Godfrey, chief executive of the National Post, the money-losing flagship daily newspaper of Canwest Global Communications Corp CGS.TO, has lined up financial support to buy the daily newspapers owned by Canwest, the Globe and Mail reported on its website late Thursday. [ID:nBNG399038]
Separately, the CBC, Canada's public broadcaster, and the National Post have agreed to share content across their media platforms, the companies said Thursday. The Canadian Broadcasting Corp and the Post did not disclose the terms of the deal. [ID:nN01287392]
Ford Motor Co of Canada (F.N: Quote) bucked the trend in September, posting comfortably higher auto sales even as the broader Canadian industry continued to slide. [ID:nN01541558]
CANADA SURVIVES NON-CONFIDENCE VOTE
As expected, Canada's minority Conservative government survived a non-confidence motion on Thursday on its handling of the economic crisis due to a split among the three opposition parties. [ID:nN01269968]
Oil fell below $70 a barrel Friday due to concerns about the strength of the U.S. economy ahead of the employment data, while tensions between the West and Iran over the OPEC member's nuclear plans eased. [O/R]
Gold inched down Friday, but remained within striking distance of the key $1,000 an ounce level, as the dollar edged up against a basket of currencies and the market held its breath ahead of the U.S. payrolls data. [GOL/]
Base metals were also lower after a batch of U.S. economic data hit investor confidence and underpinned concern about demand prospects. [MET/]
COREL CORP CRE.TO
Consumer software maker Corel Corp CREL.O posted a drop in quarterly profit Thursday as revenue slumped in a difficult economic environment. [ID:nN01161106]
Blackmont raises Silver Wheaton Corp SLW.TO price target to C$16.50 from C$13.50; rating outperform.
Blackmont raises HudBay Minerals Inc HBM.TO price target to C$14.70 From C$13; rating outperform.
For more research, please see: [CA-RCH]
(Reporting by Jennifer Kwan; editing by Jeffrey Benkoe)
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