CANADA STOCKS - Factors to watch on Oct 16

Thu Oct 16, 2008 9:06am EDT
 
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TORONTO Oct 16 (Reuters) - Canada's S&P/TSX composite index .GSPTSE is seen sliding for a second consecutive session as weakness in commodity prices on concerns of global economic weakness may put pressure on the heavily weighted energy and materials sectors.

But the losses may be stemmed by positive sentiment seen in U.S. stock futures as U.S. government data showed that fewer people filed new claims for jobless benefits in the latest week and core consumer prices moderated in September, raising hopes of another interest rate cut. [ID:nN16379097]

The S&P/TSX composite index .GSPTSE closed down more than 6 percent on Wednesday.

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

COMMODITIES SLIDE CONTINUES

Gold tumbled more than 2 percent and oil slid to a 13-month low as prices of industrial materials and other commodities were undermined by growing fears of global recession. [ID:nLG702516]

CANADIAN ASSET MANAGEMENT SECTOR

Blackmont Capital initiated coverage on the Canadian asset management sector, including AGF Management Ltd and IGM Financial. The brokerage said asset managers have underperformed banks since October 2007, which underscores the relative buying opportunity that has emerged. [ID:nWNAB7645]

POLL-CANADA ECONOMY SET TO NARROWLY MISS RECESSION   Continued...