CANADA STOCKS-Toronto index to extend gains, eyes oil, US data
TORONTO Oct 30 (Reuters) - The Toronto Stock Exchange's main index is set to rise at the open on Thursday as commodity prices continued to march higher and on some relief that the U.S. economy had not contracted as much as expected.
Preliminary data for U.S. third-quarter gross domestic product showed the economy shrank but by less than expected, helping extend U.S. stock index futures. For more see [ID:nN29534671].
Investor sentiment appears to be positive, with the resource-rich TSX stringing together a second consecutive day of gains on Wednesday when it closed 3.8 percent higher, supported by commodity-related issues and the U.S. Federal Reserve's half-percentage-point interest rate cut.
Here is some of the news that could affect the market:
BARRICK GOLD PROFIT DROPS
The world's top gold producer posted lower quarterly net income, after accounting for impairment charges. Excluding items, profit rose slightly. Barrick (ABX.TO: Quote) said it expects 2008 output to be within its outlook range. [ID:nN30530785]
A weaker U.S. dollar helped lift gold almost 3 percent to a one-week high. [ID:nLU573299]
OIL ABOVE $68
Oil rose above $68 a barrel but was off an earlier high of $70.60, boosted by a weak U.S. dollar and hopes that interest rate cuts in the U.S. and China would bolster the world economy. [ID:nSP393073] Continued...