CANADA STOCKS-Toronto index set to rise on China stimulus

Mon Nov 10, 2008 8:54am EST
 
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TORONTO Nov 10 (Reuters) - The Toronto Stock Exchange's main index is set to rise at the open on Monday in concert with other world markets, lifted by China's stimulus package.

Global stock and commodity markets surged in reaction to China's plan to spend nearly $600 billion on stimulating its economy as G20 finance ministers pledged on the weekend to take measures to fight global recession and revive financial markets. [MKTS/GLOB]

The S&P/TSX composite index .GSPTSE finished moderately higher on Friday, but down 1.7 percent on the week last week.

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

NORTEL SETS SWEEPING COST CUTS, POSTS BIG LOSS

Nortel Networks Corp NT.TO reported a large quarterly loss and announced a round of sweeping cost-cutting that includes laying off 1,300 another people as the economic downturn eats away at its business and strains its balance sheet. [ID:nN10442062]

CHINA STIMULUS PLAN BOOSTS COMMODITIES

Gold rose on Monday, lifted by gains across commodities after China announced an economic stimulus package. [ID:nLA207483] Oil rose more than 4 percent to above $65, and was also helped by Saudi Arabia's plans to cut December supplies to Asia. [ID:nSYD393020]

ECUADOR TO INTRODUCE MINING BILL   Continued...