August 18, 2009 / 12:26 PM / 8 years ago

CANADA STOCKS-TSX may bounce, resources firm

 TORONTO, Aug 18 (Reuters) - A rebound in risk appetite, supported by firmer commodity prices, may help Toronto’s main stock index recover from deep losses the previous session.
 The resource-heavy index .GSPTSE sagged 2.92 percent to 10,531.59 on Monday, touching its lowest level in just over two weeks, battered by worries over the pace of the economic recovery.
 U.S. stock index futures pointed to a higher open on Tuesday, building on positive sentiment in overseas equity markets, and ahead of key U.S. housing starts data. [MKTS/GLOB]
 Here is some of the news that may affect the market:
 COMMODITIES
 Gold firmed in Europe and the oil market rebounded after the previous session’s losses. A recovery in stock markets after Monday’s sharp fall supported appetite for nominally higher-risk assets like commodities, helping silver, platinum and palladium to bounce more than 1 percent. [ID:nLI62842] [ID:nSIN440961]
 See also:
 * Potash Corp (POT.TO) July inventory data [ID:nWEN2553]
 * Cameco (CCO.TO) files base shelf prospectus for debenture issue [ID:nWNBB6630]
 U.S. HOUSING STARTS
 New home construction in the United States probably rose for a third straight month to a seasonally adjusted annual rate of 600,000 units in July, according to a median forecast of economists surveyed by Reuters. Starts rose to 582,000 units in June. Data due at 8:30 a.m. (1230 GMT).
 * See also: Times stay tough for Canadian commercial property [ID:nN17333893]
 RESEARCH ROUNDUP: CANADIAN BANKS
 * Genuity raises price targets on five Canadian banks; raises National Bank of Canada (NA.TO) to buy from hold
 * Macquarie raises Toronto-Dominion Bank (TD.TO), Canadian Western Bank (CWB.TO) to neutral from underperform; raises price target on eight Canadian banks
 For a summary of research actions on Canadian companies reported by  Reuters on Tuesday, please double-click [RCH/CA]
 QUEBEC SECURITIES WATCHDOG
 The securities watchdog for the province of Quebec won’t go along with the Canadian government’s push to create a single, national regulator, saying the plan undermines decades of local expertise. [ID:nN17411516]
 ($1=$1.11 Canadian)
 (Reporting by Ka Yan Ng)                                      

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