CANADA STOCKS-TSX may open lower as commodities slide

Wed Jul 22, 2009 8:55am EDT
 
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TORONTO, July 22 (Reuters) - Toronto's main stock market index could open lower on Wednesday, as weaker oil and metal prices weigh on the resource-heavy index and disappointing U.S. bank results drag on financial shares.

World stocks backed away from nine-month highs as worse-than-expected euro zone industrial figures and a warning about rising unemployment from U.S. Federal Reserve Chairman Ben Bernanke broke a seven-day winning streak. [ID:LM155101]

U.S. stock index futures added to losses on Wednesday after disappointing quarterly results from Morgan Stanley (MS.N: Quote) and Wells Fargo & Co (WFC.N: Quote). [ID:N22298487]

On Tuesday S&P/TSX composite index .GSPTSE closed down 25.39 points, or 0.24 percent, at 10,515.32 after six straight days of gains.

Here is some news that could affect the market:

SUNCOR (SU.TO: Quote)

Suncor Energy Inc cleared the last hurdle for its C$22.5 billion ($20.5 billion) takeover of Petro-Canada on Tuesday when it secured approval from Canada's Competition Bureau by agreeing to sell dozens of Ontario retail sites. [ID:N21264730]

Suncor swung to a second-quarter loss, hit by low oil and gas prices. [ID:LM164814]

MAGNA MGa.TO   Continued...