CANADA STOCKS-Toronto index set to fall, eyes BMO results, oil

Tue May 26, 2009 8:14am EDT
 
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TORONTO May 26 (Reuters) - Toronto's main stock index is poised to fall at the open as slipping oil prices and the start of quarterly reports from Canada's big banks were seen driving the market on Tuesday.

The TSX may also take cues from world stocks, which fell on Tuesday with Asian shares leading the way as tension about North Korean nuclear tests added to questions over the global economic outlook. Wall Street also looked set to open lower. [MKTS/GLOB]

On Monday, the S&P/TSX composite index .GSPTSE closed up 76.08 points, or 0.76 percent, at 10,069.50, in a session marked by a narrow range in quiet trade.

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

RESULTS FOR CANADIAN BANKS

Canadian banks are set to report another profitable quarter this week, defying global trends, as a market recovery early in the year offsets rising loan losses and thin income from interest and fees. [ID:nN22381048]

* Bank of Montreal (BMO.TO: Quote) kicked off the set on Tuesday, posting a 44 percent drop in quarterly profit. [ID:nN26473895]

* See also: FACTBOX-Canadian banks 2nd-quarter earnings forecasts [ID:nN22511243]

* Genuity raises Canadian Western Bank (CWB.TO: Quote) price target to C$18 from C$13; raises Laurentian Bank of Canada (LB.TO: Quote) price target to C$35 from C$29 [ID:nWNAB3215]   Continued...