September 14, 2009 / 12:49 PM / in 8 years

CANADA STOCKS-TSX seen lower as oil, gold pull back

TORONTO, Sept 14 (Reuters) - Toronto’s main stock index is likely to open lower on Monday as weak commodity prices weigh on the resource-laden index and concerns about a U.S.-China trade spat hit investor sentiment.

Stock markets slid on Monday and the dollar firmed against major currencies due to fears that a burgeoning U.S.-China trade row could damage the world economy just as it was getting back on track. [MKTS/GLOB] [.N]

On Friday, the S&P/TSX composite index .GSPTSE rose 98.23 points, or 0.88 percent, to 11,253.23, touching its highest level in nearly a year, driven up by a rally in EnCana Corp (ECA.TO) on news of its plan to split the company.

Here is some news that could affect the market:

OIL DROPS

Oil eased towards $68 a barrel on Monday, after a decision by a major U.S. commodities exchange to enforce limits on large positions increased uncertainty and the dollar strengthened slightly. [O/R][USD/]

GOLD, BASE METALS

Gold prices fell more than 1 percent to below $1,000 an ounce in Europe on Monday, giving up some of the previous session’s gains, as the dollar strengthened in response to a decline in stock markets. [GOL/]

Copper dropped to its lowest in almost two weeks on Monday and dragged other base metals to multi-week lows as the dollar gained broadly and weighed on all commodities while demand worries persisted. [ID:nLE652996]

MAGNA MGa.TO

Germany’s plan to provide 4.5 billion euros in state aid to Opel threatened on Monday to spark a political storm across Europe over where the carmaker was likely to cut plants and jobs.

Britain said European regulators should ensure that the takeover of Opel by Canadian automotive supplier Magna International MGa.TO and its Russian allies did not favour workers in German plants over those in other European countries that host GM factories. [ID:nLE389064]

THOMSON REUTERS CORP (TRI.TO) (TRI.N)

Thomson Reuters Corp said its tax and accounting business agreed to buy the Abacus Enterprise range of software and related business operations from Deloitte LLP [DLTE.UL]. [ID:nWNAB9130]

PATHEON INC PTI.TO

Patheon Inc said on Monday that its third-quarter loss narrowed due to lower expenses and fewer one-time costs. [ID:nN14498573]

PACIFIC RUBIALES PRE.TO

Canadian oil and gas producer Pacific Rubiales Energy Corp said operations started at its Oleoductos de Los Llanos pipeline (ODL) in Colombia, enabling the flow of crude from the Rubiales heavy oil field to the Caribbean export terminal of Covenas. [ID:nBNG160284]

CANADA RESEARCH

Citigroup cuts Potash Corp (POT.N), Mosaic (MOS.N) to hold from buy. [ID:nWNAB9146]

Macquarie raises targets on Iamgold Gold (IMG.TO) price target to C$18 from C$15; raises Red Back Mining RBI.TO price target to C$15.50 from C$13. [ID:nWNAB9101]

Macquarie raises targets on North American base metal producers including First Quantum Minerals (FM.TO). [ID:nWNAB9100]

Raymond James raises EnCana (ECA.TO) price target to C$66 from C$59.50; rating market perform.

$1=$1.09 Canadian Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson

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