3 Min Read
TORONTO, Sept 26 (Reuters) - Canada's S&P/TSX composite index .GSPTSE is likely to face pressure on Friday as oil fell, sentiment soured after talks over the U.S. bailout plan stalled and U.S. authorities shuttered Washington Mutual Inc (WM.N), selling its assets to JPMorgan Chase & Co (JPM.N).
A lower-than-expected forecast from Research in Motion RIM.TO will also hurt sentiment.
Here is some of the news that could affect the market.
Research In Motion RIM.TORIMM.O warned profit in the current quarter would come in lower than analysts had expected because of higher costs related to its newest BlackBerry smartphones. [ID:N25530058] Several firms adjusted their stock ratings and price targets for the company. [CA-RCH-RIM.TO]
U.S. Congressional leaders will again debate a $700 billion bailout plan after talks broke down as lawmakers doubt if the plan can solve the wider credit crisis. [ID:nLQ501615] For links to more stories, see [ID:nN22402709]
WASHINGTON MUTUAL (WM.N)
The U.S. government shuttered Washington Mutual Inc in the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co. [ID:nLQ348949]
SUN LIFE FINANCIAL (SLF.TO)
Sun Life Financial Inc says it expects to record a charge related to its exposure to Washington Mutual in the third quarter. [ID:nWNAB3238]
TERANET INCOME FUND TF_u.TO
Teranet Income Fund's board of trustees recommends unitholders reject Borealis Infrastructure Management Inc's C$11 per unit offer, saying the bid is "financially inadequate." [ID:nWNA5080]
TEMBEC INC (TMB.TO)
Canadian forestry firm Tembec Inc will again idle production at sawmills in British Columbia and Ontario because of weak market conditions [ID:N25535039]
Centerra Gold has agreed to suspend international arbitration proceedings in its contract dispute with the Kyrgyz government regarding its Kumtor gold mine, the company said on Thursday. [ID:N25533262]
OIL CLc1 FALLS TO $105
Oil fell to $105 a barrel on heightened concerns about financial market turmoil after talks between U.S. lawmakers over the big bailout for the financial industry hit a wall. [ID:nSYD214268]
Gold edged higher after being lower for the fourth day in a row on uncertainty over the financial industry rescue plan [ID:nLQ506028], while base metals were mostly flat to lower [ID:nLQ451354] ($1=$1.03 Canadian) (Reporting by Jennifer Kwan; editing by Janet Guttsman)