December 5, 2008 / 2:08 PM / in 9 years

CANADA STOCKS-TSX poised to fall at open on jobs data

TORONTO, Dec 5 (Reuters) - The Toronto Stock Exchange’s main index could open lower on Friday on lower commodity prices and as Canadian and U.S. jobs data showed steep losses, heightening concerns about the depth of the global economic downturn.

On Thursday, the S&P/TSX composite index .GSPTSE closed down 239.14 points, or 2.88 percent, at 8,057.82, pulled down by sliding oil prices, while the suspension of Canada’s Parliament also weighed on sentiment.

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

CANADA, U.S. JOBS DATA

Canada registered 70,600 job losses in November, the most in any month since June 1982, fueling expectations of a big interest rate cut next week and likely adding spark to a political crisis in Ottawa. [ID:nN05253705]

U.S. employers axed payrolls by an unexpectedly high 533,000 in November, government data showed. [ID:nN04409522]

RBC (RY.TO)

Royal Bank of Canada said on Friday (RY.TO) quarterly profit fell 15 percent as higher loan loss provisions and previously announced securities losses pushed down results. [ID:nN05276999]

PARLIAMENT SUSPENDED

A new survey shows Canadian Prime Minister Harper has mounted a crushing polling lead as the result of a political crisis in which an opposition coalition sought to take power [ID:N05441241]. Harper won a rare suspension of Parliament on Thursday. [ID:N04375103]

OIL, METALS

Oil CLc1 dropped below $43 a barrel after the grim U.S. jobs data, while gold XAU= and base metals were also lower. [ID:nL535688]

BCE (BCE.TO)

Some of the private equity buyers of BCE Inc are floating an alternative deal to the C$34.8 billion leveraged buyout that was put in jeopardy a week ago, a source familiar with the situation said. [ID:nN04418037]

GLOBAL MARKETS

U.S. stock futures and oil fell on Friday and major government bonds and the yen rallied after data showed the world’s biggest economy lost a bigger-than-expected 533,000 non-farm payrolls in November. [MKTS/GLOB]

CANADIAN RESEARCH

Genuity cuts Barrick Gold (ABX.TO) and Goldcorp (G.TO) to hold from buy and adjusts its price targets for other companies including Agnico-Eagle Mines (AEM.TO) and Kinross Gold (K.TO). For more research details, please see [CA-RCH] ($1=$1.30 Canadian) (Reporting by Jennifer Kwan)

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