CANADA STOCKS-TSX may extend slide on oil, financials

Mon Jan 25, 2010 8:33am EST
 
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TORONTO Jan 25 (Reuters) - Toronto's main stock index could open lower on Monday as slipping oil prices and uncertainty over U.S. plans to limit risk-taking by banks could weigh on energy producers and financial stocks.

But losses in the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE could be offset by higher gold prices, which could boost producers of the precious metal.

The index could also follow U.S. futures higher, ahead of a slew of earnings including bellwethers Apple Inc (AAPL.O: Quote) and Texas Instruments Inc TXN.N, and as embattled Federal Reserve Chairman Ben Bernanke edged closer to winning support for a second term. [.N]

Canadian stocks slid to their lowest point in six weeks on Friday, roughed up by falling oil prices and by weaker financial issues that were still reeling from the White House plan to impose tighter restrictions on U.S. banks.

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

OIL STEADIES

Oil prices steadied below $75 a barrel, after slipping towards a one-month low on continued market unease over possible tighter Chinese monetary policy and a U.S. proposal to toughen bank trading rules. [O/R]

GOLD ABOVE $1,100

Gold climbed above $1,100 an ounce in Europe as the dollar eased broadly, while renewed physical and safe-haven buying also helped support prices. [GOL/]   Continued...