CANADA STOCKS-TSX may open lower as commodity prices drop

Wed Jul 8, 2009 8:38am EDT
 
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TORONTO, July 8 (Reuters) - Toronto's main stock index could open lower on Wednesday, following world markets, as commodity prices continue to drop and talk about the need for a second U.S. stimulus plan weighs on sentiment.

Economic jitters continued to sweep financial markets on Wednesday, weakening stocks overseas, propelling the Japanese yen to a six-week high and dragging oil down to around $62 a barrel.[ID:nL8503166]

U.S. stock index futures pointed to a flat open on Wednesday, following steep losses the previous session, with investors nervous about the start of the corporate earnings season. [ID:nN08373361]

On Tuesday the S&P/TSX composite index .GSPTSE closed down 183.08 points, or 1.83 percent, at 9,844.35, the second consecutive triple-digit point loss.

Here is some news that could affect the market:

MAGNA MGa.TO

Magna co-CEO tells German Rheinische Post paper it still aims to agree on terms for takeover of GM's GMGMQ.PK Opel by July 15.[ID:nWEA0154]

ROYAL BANK OF CANADA (RY.TO: Quote)

RBC Capital Markets won the right to be a U.S. primary dealer of Treasury securities starting on Wednesday, part of a push by the unit of Canada's largest bank to win more U.S. and European business. [ID:nN07315620]   Continued...