CANADA STOCKS-TSX may open lower on weaker commodities

Mon Jun 7, 2010 8:57am EDT
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June 7 (Reuters) - Toronto's main stock index could open lower on Monday as commodity prices fell on demand concerns and as investors fear that Hungary may be next casualty of the growing debt crisis in Europe.

Hungary's Economy Minister Gyorgy Matolcsy said the new centre-right government would stick to the budget deficit target of 3.8 percent and would need to cut spending worth 1.0-1.5 percent of GDP to do so.

Wall Street is set for a slightly higher start, helped by firmer data out of Europe. [.N]

European shares pared early losses after a report showed a better-than-expected German manufacturing data. Financial stocks were down on report that British Finance Minister George Osborne is planning to slap a punishing new tax on banks.

Asian markets fell with the Nikkei plunging nearly 4 percent, marking its biggest daily drop in 14 months.

Here is some news that could affect stock prices:


Oil reversed early losses of almost 3 percent on Monday after a dip below the psychological $70 a barrel level brought out bargain hunters, despite signs of weakness in the U.S. recovery and warnings on Hungary's debt. [O/R]