December 8, 2009 / 1:53 PM / 8 years ago

CANADA STOCKS-TSX could slip on weak resources, bank results

 TORONTO, Dec 8 (Reuters) - Toronto’s main stock index could open lower on Tuesday as weak commodity prices pressure resource shares and lower-than-expected results from Bank of Nova Scotia (BNS.TO) weigh on the financial sector.
 The S&P/TSX composite index .GSPTSE could also follow U.S. shares down. U.S. stock index futures pointed to a lower open on Tuesday. [.N]
 Global stocks traded flat on Tuesday after U.S. Federal Reserve Chairman Ben Bernanke gave a cautious assessment of the world’s biggest economy. [ID:nN07169826]
 Below is some news that could affect the market:
 BANK OF CANADA RATE DECISION
 The Bank of Canada is widely expected to keep its hands off interest rates on Tuesday, holding them at near zero and committing to do so until at least July, despite growing evidence the economy is kicking back to life. The announcement is due at 9:00 a.m. (1400 GMT). [ID:nN07158839]
 BANK OF NOVA SCOTIA (BNS.TO)
 Bank of Nova Scotia said on Tuesday quarterly profit rose as domestic banking and capital markets offset a jump in loan loss provisions, but the profit came in lower than expected by analysts. [ID:nN07115511]
 INSIGNIA ENERGY ISN.TO
 Brookfield buys shares of Insignia Energy ISN.TO, says paid cash consideration of $2.10 per common share of the corporation. Brookfield said it now holds about 52.4 percent of the currently issued and outstanding common shares of the corporation. [ID:nWNBB9098]
 TECK RESOURCES LTD TCKb.TO
 Teck Resources Ltd expects its coal production to reach 23.5 million to 25 million tonnes in 2010 and plans to increase output further in 2011 and 2012, the company said on Monday, citing a tight market for high quality hard-coking coal. [ID:nN07179531]
 RESEARCH IN MOTION RIM.TO
 China Mobile (0941.HK) and Research in Motion RIM.TO RIMM.O will offer BlackBerry handsets and Internet service to consumers as well as smaller firms in China, the two firms said on Tuesday. [ID:nTOE5B7058]
 OIL FALLS
 Oil fell below $74 a barrel on Tuesday after a 2 percent fall the previous day, pressured by the slow recovery in energy demand and ample supplies, as well as a firmer dollar. [O/R]
 GOLD DROPS
 Gold prices fell slightly in Europe on Tuesday as the dollar recovered the earlier losses it made after comments from Federal Reserve Chairman Ben Bernanke on the U.S. economic outlook curbed the dollar’s recovery. [GOL/]
 FREEWEST RESOURCES FWR.V
 Canada’s Freewest Resources FWR.V, which is the target of a takeover battle between Cliffs Natural Resources (CLF.N) and Noront Resources (NOT.V), rejected Noront’s sweetened bid, calling it “inadequate”. [ID: nBNG173301] [ID:nBNG413817]
 CANADA RESEARCH
 Macquarie raises Enbridge Inc ENF_u.TO price target to C$51 from C$48, 16 others. [ID:nWNBB9038]
 Citigroup starts U.S. exploration and production sector, including Canadian Natural Resources. (CNQ.N) [ID:nWNBB9011]
 For more research, please see [CA-RCH]
 ($1=$1.06 Canadian)  (Reporting by Jennifer Kwan and Irene Kuan; Editing by Jeffrey Hodgson)                                      

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