CANADA STOCKS-Toronto stocks to open down as oil prices tumble

Wed Nov 19, 2008 8:30am EST
 
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TORONTO Nov 19 (Reuters) - The Toronto Stock Exchange's main index is expected to open lower on Wednesday because of oil prices that tumbled to a 22-month low and concerns that the global economic picture could get worse before it gets better.

With no key Canadian economic data or corporate news to sway sentiment, the resource-heavy index could be directed all session by oil prices and events out of the United States.

The Toronto index rose 0.46 percent on Tuesday, snapping a two-session losing streak, as a rally in energy and financial stocks helped counter the drag from nagging concerns about a global economic recession.

Here is news that may affect the market.

OIL FALLS TO 22 MONTH LOW

Oil prices fell toward $53, touching a fresh 22-month low on Wednesday, due to increasing signs of weakening demand as economic gloom deepened. [ID:nLJ374464]

SCOTIABANK SEES C$595 MLN IN Q4 WRITEDOWNS

Bank of Nova Scotia (BNS.TO: Quote) said on Tuesday it will take charges of C$595 million after tax in the fourth quarter due to sliding markets and "unprecedented volatility," marking the first of what could be several bank preannouncements ahead of reporting season. [ID:nN18290738]

SYNCRUDE CANADA AGREES TO NEW ALBERTA ROYALTY DEAL   Continued...