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TORONTO, Sept 23 (Reuters) - Canada's S&P/TSX composite index .GSPTSE could face pressure on Tuesday as oil and gold prices slump, and anxiety over a U.S. bailout plan carries over into a second day of trading.
Even so, investors may look for good value among shares after a 2 percent tumble in the previous session.
Here is some of the news that could affect the factor. Reuters has not verified the accuracy of press reports.
U.S. Federal Reserve Chairman Ben Bernanke will tell Congress that financial markets are under "extraordinary stress" and urged immediate action to buy up hundreds of billions worth of tainted mortgage assets. [ID:nN23361994]
Markets remain on tenterhooks over the shape of Wall Street's $700 billion rescue plan aimed at mopping up tainted mortgage-related debt. [ID:nN22402709]
Toronto-Dominion Bank is among the companies now weighing a bid for Washington Mutual Inc (WM.N), the Wall Street Journal said, citing people familiar with the situation. [ID:nSP313544]
Fairfax Financial Holdings Ltd is looking into American International Group Inc's (AIG.N) Canadian property and casualty operations, as well as some businesses in regions of Europe where it's currently looking for expansion, the Globe and Mail said on Tuesday, citing a source.
Canadian consumer prices fell in August for the first time since January as gasoline prices tumbled, but annual inflation remained at a five-year high as energy prices remained sharply above 2007 levels. [ID:nN23361823]
OIL CLc1 SLUMPS TO $107
Oil dropped more than $2 to $107 a barrel on Tuesday after rising more than 15 percent on Monday, the biggest one-day gain on record. On Tuesday, investors booked profits as doubts about the U.S. bailout plan surfaced. [ID:nSYD221917]
Gold fell to $890 an ounce on a firmer U.S. dollar after big gains in the previous session, [ID:nLN394656], while some base metals also dipped . [ID:nLN509725]
Genuity Capital initiated coverage of 11 Canadian gold producers and says it expects gold equities to have a 31 percent return over the next 12 months. [ID:nBNG135867] ($1=$1.04 Canadian) (Reporting by Jennifer Kwan; Editing by Frank McGurty)