CANADA STOCKS-Toronto index set to rise, eyes on oil, rate hopes

Wed Oct 29, 2008 8:59am EDT
 
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TORONTO Oct 29 (Reuters) - The Toronto Stock Exchange's main index is set to rise at the open on Wednesday as oil prices climbed further, tracking a global rally in equity markets on hopes that more interest rate cuts would be delivered.

World stock markets put in a second consecutive session of strong bargain-hunting gains, amid widespread expectations of a sharp cut in U.S. interest rates. [MKTS/GLOB]

The U.S. Federal Reserve is expected to chop its benchmark interest rate by at least 50 basis points, which would take the fed funds rate down to 1 percent.

On Tuesday, the S&P/TSX composite index .GSPTSE closed up 614.29 points, or 7.20 percent, at 9,151.63, with all of its 10 main groups higher.

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

GOLD PRODUCERS TO REPORT RESULTS

Canadian gold producers will report mostly stronger third-quarter profits on the back of higher year-over-year gold prices, although gold miners with base metals byproducts will suffer from the plunge in those prices, analysts say. Agnico Eagle AEM.TO will kick off the earnings parade on Wednesday. [ID:nN28406171]

Meanwhile, gold was firmer ahead of the Fed decision. [ID:nLT583263]

NEXEN PROFIT JUMPS, CEO TO RETIRE   Continued...