Toronto stocks to open mixed on resources, data

Thu Aug 14, 2008 9:13am EDT
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*TSX may get a boost from price of gold

*U.S. economic data may weigh on market

*Cameco quarterly results may be in focus

TORONTO, Aug 14 (Reuters) - Toronto Stock Exchange's main index was set to open mixed on Thursday, swayed by oil and gold prices, a raft of quarterly earnings and U.S. economic data.

Oil, which had see-sawed early on Thursday, and gold, may help stocks extend Wednesday's gains, but financial and economic reports from south of the border may pull the benchmark index on a sideways course.

In New York, stock futures had risen on Wal-Mart Stores Inc (WMT.N: Quote), the world's biggest retailer, after it posted a stronger-than-expected quarterly profit, helping to calm worries about consumer spending.

But futures then slipped following U.S. economic data that showed consumer price pressures mounted in July, heightening inflation worries. Also in the U.S., the level of jobless claims was above expectations.

"The bottom line is there a lot of corporate earnings, in Canada and the U.S., and a little bit of data and we're all looking for a sign of where we are in the cycle," said Paul Taylor, chief investment officer at BMO Harris Investment Management Inc.

"Presumably, it will indicate it's not terrible but we're certainly not back on the rails."   Continued...