CANADA STOCKS-TSX may open lower on weak oil, gold; GDP eyed

Fri Jan 29, 2010 8:12am EST
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TORONTO Jan 29 (Reuters) - Toronto's main stock index could open flat to lower on Friday, as energy producers see the price of oil headed for its third straight weekly drop and mining companies contended with a stronger U.S. dollar.

But the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE could also follow U.S. futures slightly higher after strong results from Microsoft Corp (MSFT.O: Quote) and Inc (AMZN.O: Quote) and after Ben Bernanke won U.S. Senate approval for a second term as Federal Reserve chairman [.N].

Investors will digest the latest reading of gross domestic product from both Canada and the United States.

Canadian stocks ended lower Thursday, weighed down by disappointing results and forecasts issued by market heavyweight Potash Corp (POT.TO: Quote).

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


Oil edged up toward $74 per barrel, finding some respite, even as it heads toward a third consecutive weekly drop on evidence that fuel demand was lackluster. [O/R]


Gold eased in Europe, as the dollar held near multimonth highs versus the euro, as uncertain outlooks for smaller euro zone economies, mainly Greece, curbed interest in the single currency. [GOL/]   Continued...