CANADA STOCKS-TSX to open lower on resources, budget eyed

Tue Jan 27, 2009 8:26am EST
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TORONTO Jan 27 (Reuters) - Toronto's main stock market index could open lower on Tuesday as weak oil and gold prices weigh on the resource-heavy market.

Investors could take a cautious stance ahead of the release of Canada's budget after the markets close.

Canada's minority Conservative government will present a budget to deal with the effects of the global economic crisis. [ID:nN23482302]

Presenting its action plan in the Speech from the Throne, formally starting a new session of Parliament on Monday, the government said its economic stimulus plan would promote long-term growth while avoiding a return to permanent deficits.

The government has also said the budget will contain C$7 billion in infrastructure funds for the next two years, contribute C$2 billion in social housing spending, while C$1 billion is earmarked to help single-industry towns.

The budget will project a deficit of C$64 billion over the next two years.

Toronto's main stock index .GSPTSE rebounded on Monday as a rally in the financial and energy sectors offset pressure from the materials group. [ID:nN26405950]

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