CANADA STOCKS-TSX may open lower on sliding commodities

Mon Jun 22, 2009 8:19am EDT
 
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TORONTO, June 22 (Reuters) - Toronto's main stock index could open lower on Monday as weak commodities pressure the resource-heavy market and investors flee assets perceived to be risky amid doubt over the pace of economic recovery.

World stocks slipped Monday while government bonds and the U.S. dollar rose as a decline in oil prices, caution ahead of this week's U.S. data and a U.S. Federal Reserve meeting weighed on risky assets. [MKTS/GLOB] U.S. stock index futures pointed to a lower open as investors reassessed the potential strength of economic recovery ahead of key data this week. [ID:nN22493754]

On Friday, the S&P/TSX composite index .GSPTSE closed up 166.45 points, or 1.64 percent, at 10.287.95, but ended the week in negative territory, ending a stretch of weekly gains.

Here is news that could affect the market:

NORTEL NETWORKS CORP NT.TO

Telecom equipment maker Nortel Networks NT.TO said late last week it will sell its advanced wireless technology business to Nokia Siemens Networks [NSN.UL] for US$650 million and was making progress in talks to sell other businesses. [ID:nN19469126]

OIL FALLS BELOW $69

Oil dropped below $69 a barrel on Monday, pressured by a stronger dollar and weaker European equities, but attacks on the oil industry in top African exporter Nigeria limited losses. [ID:nSYD456749]

GOLD, BASE METALS   Continued...