CANADA STOCKS-Toronto index could slip on oil at open

Mon Apr 20, 2009 8:10am EDT
 
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TORONTO, April 20 (Reuters) - Toronto's main stock index could open lower on Monday as a drop in oil prices may rattle the influential energy sector, while earnings news out of the United States could also ruffle sentiment.

Investors were cautious ahead of a raft of major U.S. blue chip earnings reports this week, which will follow earnings from JP Morgan (JPM.N: Quote) and Citigroup (C.N: Quote) last week that were both better than expected.

The S&P/TSX composite index .GSPTSE rose 2.7 percent last week and has recorded six straight weeks of gains since falling to a five-year low in early March.

Here is some of the news that may affect the index:

OIL FALLS BELOW $48 ON FIRM DOLLAR, RISK AVERSION

Oil fell more than 5 percent below $48 a barrel on Monday, weighed down by a rising U.S. dollar and growing caution about the pace of any economic recovery and its impact on oil demand. [ID:nSYD428032]

GOLD EDGES UP AS LOWER PRICES PROMPT BUYING

Gold edged higher in Europe on Monday, with physical buyers such as jewelers hunting bargains after last week's price decline. A firmer dollar kept a lid on gains, however. [ID:nLK615044]

CANADIAN GOVERNMENT SEEKS ANSWERS ON VALE SHUTDOWN   Continued...