September 19, 2008 / 12:26 PM / 9 years ago

CANADA STOCKS - Factors to watch on Sept 19

TORONTO, Sept 19 (Reuters) - Canada’s S&P/TSX composite index .GSPTSE could open higher on Friday on hopes of a U.S. government plan to defuse a global credit crisis. Here is some of the news that could influence the market.

CREDIT CRISIS MOP UP

U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke plan to work through the weekend with Congress on a plan to deal with toxic assets that have clogged the financial system for a year. [ID:nN13574113]

BAN ON SHORT SALES

The U.S. Securities and Exchange Commission issues emergency order temporarily halting the short selling of hundreds of financial shares -- the practice of borrowing a stock on a bet its price will fall. The measure underscores growing concerns that short selling has led to sharp declines in U.S. and European markets since the onset of the credit crunch. [ID:nN19484907]

NORTEL NETWORKS NT.TO

Scotia Capital cuts Nortel Networks Corp, North America’s biggest telephone equipment makers, to sector underperform from sector perform and reduces its price target to C$3.10 from C$8.50. [ID:nWNAS1748]

AIR CANADA ACa.TO

In response to a recent drop in fuel prices, Air Canada said on Thursday it will be the first major North American carrier to drop its extra fee for a second piece of checked baggage. [ID:nN18399545]

OIL CLc1 RISES ABOVE $99

Oil rose to above $99 a barrel as markets around the world bounced on expectations a comprehensive U.S. government plan would help shore up confidence in battered financial markets. [ID:nSP62251]

GOLD DULLS, BASE METALS SINK

Gold sank below $850 an ounce on fresh risk appetite and a firmer U.S. dollar, as the allure of safe-haven buying earlier this week was staunched by the possibility a plan to deal with risky bank assets. [ID:nLJ371818], while base metals were mixed. [ID:nLJ411889]

INFLATION IN CANADA

The rate of underlying inflation in Canada is well below the Bank of Canada’s 2 percent target but not so low that it suggests economic weakness, Deputy Governor John Murray said on Thursday. [ID:nN18538240]

ABCP DECISION

The Supreme Court of Canada will announce later in the day whether it will hear a challenge of a restructuring plan of the nonbank asset-backed commercial paper market, which seized up last year. The announcement is expected at 4:30 p.m. EDT. [ID:nN18443169] ($1=$1.07 Canadian) (Reporting by Jennifer Kwan; Editing by Frank McGurty)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below