CANADA STOCKS-TSX looks set for lower open on weak commodities

Thu Apr 22, 2010 8:50am EDT
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April 22 (Reuters) - Toronto's main stock exchange looked set to open lower on Thursday after the European Union said Greece's budget deficit was worse than was first believed, sending commodity prices sliding.

Markets in Europe turned sharply negative led by banks. The world's top cellphone maker Nokia NOK1V.HE cut the profit outlook for its key phone unit sending its shares lower by more than 14 percent. Asian stocks were down with Nikkei shedding more than a percent pressured by tech shares.

U.S. stock futures also indicate a negative start on Wall Street. Amid a flurry of corporate results, investors will also be closely watching President Barack Obama's speech on financial reforms where he will urge sweeping new rules for Wall Street. [.N]

Investors will also be closely watching the Bank of Canada's Monetary Policy Report, due to be released later today. The report is expected to throw more light on the tightening bias the central bank disclosed this week.

Here is some news that could affect stock prices:


Oil fell to around $83 per barrel after higher U.S. inventories signalled demand in the world's top oil consumer was lagging the recovery in the global economy. [O/R]


Copper turned negative weighed by persistent worries of further monetary tightening from China, the world's top metals consumer, and a firmer dollar. [MET/L]   Continued...