CANADA STOCKS-Bank optimism may help TSX; jobs data weak

Fri Mar 13, 2009 8:50am EDT
 
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TORONTO, March 13 (Reuters) - Toronto's key stock index could open higher on Friday, after surging to its highest close in more than three weeks the previous session, tracking world stocks on hopes of stabilization in the U.S. banking system.

World stocks were on track on Friday for one of their largest weekly gains in 20 years for more see [ID:nLD664043], while Wall Street looked set to open higher. [ID:nN13390458]

The Toronto market could see some pressure, however, after government data showed Canada's economy lost more jobs than expected in February and the unemployment rate shot up to its highest since 2003. [ID:nN13253705]

The S&P/TSX composite index .GSPTSE on Thursday ended the session up 271.25 points, or 3.39 percent, at 8,282.27, which marked its highest close since Feb. 17.

Here is some news that could affect the market:

CANADA JOBS DATA

Canada's economy lost more jobs than expected in February as the global downturn triggered widespread layoffs, another sign the country's recession may be more severe than many previously thought. [ID:nN13253705]

FINANCIALS SECTOR

Financial issues, which rallied this week on optimism about stabilization in the U.S. banking sector, may see another rise on Friday after Citigroup C.N Chairman Richard Parsons told Reuters the bank does not need any more government capital injections and expressed confidence Citi would remain in private hands. [ID:nN13426253]   Continued...