October 10, 2008 / 1:23 PM / 9 years ago

CANADA STOCKS - Factors to watch on Oct 10

3 Min Read

TORONTO, Oct 10 (Reuters) - Canada's S&P/TSX composite index .GSPTSE may be pressured on Friday as oil tumbled below $83 a barrel on fears demand will shrink if the global economy goes into recession.

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

Insured Mortgages

Canada plans to buy up to C$25 billion in insured mortgages in a bid to help cushion the blow from the global financial crisis and address the "scarcity" of private sector lending, Finance Minister Jim Flaherty says. [ID:nN10361962]

Jobs Data

Canadian employment unexpectedly soared by 107,000 jobs in September, according to Statistics Canada data. Most of the increase was in part-time employment but even the rise in full-time jobs exceeded the increase in total employment foreseen in a Reuters survey of analysts. [ID:nN10365080]

Trade Data

Canada's trade surplus defied expectations and jumped to C$5.8 billion in August from C$4.2 billion in July, Statistics Canada data shows. [ID:nN08254064]

Canada Election

The ruling Conservatives extend a lead that had been cut by the financial crisis, two polls show, though a third survey showed the race unchanged. The general election is on Oct. 14. [ID:nN09338392]

Financials Battered

Shares of Canadian financial stocks, and life insurance companies in particular, take a severe drubbing, dragged down by fears over the outlook for U.S. insurers and on irrational selling rather than business fundamentals, analysts say. [ID:nN09462020]


Oil sinks below $83 a barrel on expectations global demand growth will shrink if the credit crisis pushes the world economy into recession. [ID:nT134769]

Gold Soars, Base Metals Fall

Gold rises above $900 an ounce as investors sought safety amid persistent concerns about the health of the global economy, while most base metals were lower on mounting fears of a looming recession. [ID:nLA54428], [ID:nSP234537]

Groupe Aeroplan aer.to

Genuity cuts Groupe Aeroplan price target to C$16.00 from C$18.50 with a 'buy' rating, while the brokerage also cut price targets on seven other companies. [ID:nWNAS4076]. For more research, see [RCH-CAN]


Threats of food poisoning from sliced meats produced by a Maple Leaf Foods Inc plant in Toronto seem to have done little to curb Canadians' fondness for deli-style sandwiches, even as the company reported it had found more listeria bacteria. [ID:nN09310031.

The company's chief executive says finding listeria in its Toronto meat plant is no surprise. [ID:nN09313689] ($1=$1.17 Canadian) (Reporting by Jennifer Kwan; Editing by James Dalgleish)

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