CANADA STOCKS-TSX seen down as US auto woes hit, oil weighs

Mon Mar 30, 2009 8:39am EDT
 
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 TORONTO, March 30 (Reuters) - Toronto's main stock index
could open lower on Monday as commodity prices pulled back and
fresh troubles in the U.S. auto sector hit investor sentiment.
 World stocks slumped and government bonds rose on Monday on
concerns General Motors Corp (GM.N: Quote) and Chrysler were edging
closer to bankruptcy as their turnaround plans were rejected.
Concerns about the banking sector in Europe also hit sentiment.
For more see [ID:nLU230709] and [ID:nN29520526].
 U.S. stock index futures pointed to a sharply lower open on
Monday. [ID:nN30324837]
 On Friday, the S&P/TSX composite index .GSPTSE was down
174.44 points, or 1.94 percent, at 8,821.06, as a drop in
commodity prices shook the resource-heavy market.
 Here is some news that could affect the market:
 U.S. AUTO SECTOR; EUROPE LENDER RESCUES
 The United States rejected rescues for General Motors
(GM.N: Quote) and Chrysler, rekindling concern the automakers could go
bankrupt, while three European governments were forced to help
struggling lenders. [ID:nLU302379] [ID:nLU302379]
 FNX MINING FNX.TO
 Canadian nickel and copper miner FNX Mining posted a
fourth-quarter loss on Monday, due to a slump in metal prices
and asset impairment charges. [ID:nN30322715]
 AGRIUM (AGU.TO: Quote)
 U.S. fertilizer producer CF Industries Holdings Inc (CF.N: Quote)
said its board of directors rejected Canadian fertilizer
company Agrium Inc's (AGU.TO: Quote) (AGU.N: Quote) revised takeover offer of
about $3.8 billion.
 In a statement late on Sunday, CF said its board concluded
that Agrium's offer is "grossly inadequate", substantially
undervalues the company and is not in the best interests of the
company and its shareholders. [ID:nBNG383599]
 BOMBARDIER
 Bombardier Inc (BBDb.TO: Quote) says Lease Corporation
International orders 20 Bombardier CSeries jetliners for about
$1.44 billion. [ID:nWNAB8531]
 G20 MEETING
 Canadian Prime Minister Stephen Harper said on Sunday it
was crucial for the Group of 20 major developed and emerging
economies to put a focus on reigniting growth at their summit
this week in London. [ID:nN29276425]
 UTS ENERGY UTS.TO
 UTS Energy Corp said on Friday it expects its shareholders
to reject Total SA's (TOTF.PA: Quote) C$617 million takeover offer
after the Canadian oil sands developer's board reiterated its
objection to the hostile bid. [ID:nN27271250]
 OIL DROPS
 Oil fell below $51 a barrel on Monday, extending the
previous sessions' losses, pressured by a stronger U.S. dollar
and a slump on global stock markets. [ID:nSYD421224]
 GOLD, BASE METALS
 Gold slipped on Monday as the dollar rallied against the
euro, but investors spooked by renewed turmoil on equity
markets are expected to support the market with fresh buying.
[ID:nLU619387] Base metals were lower. [ID:nLU254434]
 CANADIAN RESEARCH
 Genuity cuts Shaw Communications (SJRb.TO: Quote) price target to
C$21 from  C$24, cuts to hold from buy. [CA-RCH]
 Goldman Sachs revises targets on North American
transportation companies including Canadian National Railway
(CNI.N: Quote) and Canadian Pacific Railway (CP.N: Quote). [ID:nWNAB8493]
 ($1=$1.25 Canadian)
 (Reporting by Jennifer Kwan; Editing by James Dalgleish)