June 17, 2009 / 11:31 AM / 8 years ago

CANADA STOCKS-TSX may open lower on weak resource prices

3 Min Read

 TORONTO, June 17 (Reuters) - Toronto's main stock market index could open lower on Wednesday as weak oil and gold prices weigh on the resource-laden market.
 Investors may also be cautious ahead of a key speech by U.S. President Barack Obama which will lay out a regulatory reform package aimed at avoiding a repeat of the banking crisis. For more see [ID:nSP465516].
 Toronto's main stock index closed down 87.38 points at 10,307.40 on Tuesday despite a solid start to the day as investors sought to pocket gains from the index's remarkable 40 percent rally from the five-year low it hit in March. [ID:nN16304003].
 Here is some news that could affect the market:
 OIL EASES TO $70 BEFORE INVENTORY REPORT
 Oil CLc1 eased to around $70 a barrel on Wednesday pressured by weaker stock markets as investors awaited a U.S. inventory report expected to show supplies declined in the world's top consumer. [ID:nSP290171]
 GOLD EDGES DOWN AS DOLLAR RECOVERS, EYES U.S. DATA
 Gold edged lower in Europe on Wednesday as the dollar retraced its early losses against a basket of currencies, with traders awaiting direction from U.S. inflation data due later in the session. [ID:nLH366911]
 CANADA ELECTION RISK RECEDES AFTER TALKS
 The chances of an early Canadian election appeared to diminish sharply on Tuesday after the leader of Canada's main opposition party held two rounds of "productive" talks with Prime Minister Stephen Harper. [ID:nN16296597]
 CF INDUSTRIES STILL COMMITTED TO BUYING TERRA
 U.S. fertilizer maker CF Industries Holdings Inc (CF.N) said on Tuesday it is still committed to buying rival Terra Industries Inc TRA.N as it faces down a hostile bid from Canada's Agrium Inc (AGU.TO). [ID:nN16280370]
 Canada may lay out "black liquor" response
 Canada is expected to lay out plans on Wednesday to aid the country's pulp and paper industry, which says it has become the unintended victim of a tax windfall enjoyed by U.S. rivals. [ID:nN16247928]
 TRANSCANADA PAYS $550 MLN FOR REST OF KEYSTONE LINE
 TransCanada Corp (TRP.TO) is buying ConocoPhillips' (COP.N) remaining stake in the Keystone pipeline for $550 million, giving it full control over the new Canada-to-United States oil pipeline, it said on Tuesday. [ID:nN16304179]
 RESEARCH ROUND-UP
 Following is a summary of research action on Canadian companies reported by Reuters on Wednesday. For more, see [RCH/CA].
 *JP Morgan cuts Domtar (UFS.TO) to neutral from overweight  ($1=$1.14 Canadian)  (Reporting by Scott Anderson; Editing by James Dalgleish)   

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