TORONTO, Feb 1 (Reuters) - Toronto’s main stock market index may rise on Monday on firmer commodity prices, while expectations of further proof of a U.S. economic recovery could also provide support.
Investors may look past overseas markets, which were stung by woes about Greece’s government debt and China inflation jitters, and focus on the U.S. factory data. U.S. stock index futures also pointed to a higher open. [MKTS/GLOB]
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE fell 1.6 percent to 11,094.31 on Friday, which helped the index extend its losing streak to three straight weeks.
Here is some of the news that may affect the market.
Gold firmed above $1,080 an ounce as the U.S. dollar extended losses versus the euro after stronger than expected euro zone manufacturing data. The price of oil consolidated around $73 per barrel with the outlook still clouded by concerns over the prospects for global growth and sluggish fuel demand. [GOL/] [O/R]
* See also: Xstrata XTA.L reaches deal with Sudbury nickel miners [ID:nN01182228]
* Exxon (XOM.N) quarterly profit down 23 percent but tops Street [ID:nN01189745]
The U.S. Institute for Supply Management’s manufacturing index for January and construction spending for December are due at 10 a.m. EST (1500 GMT). Analysts expect the manufacturing sector expanded at its fastest pace in nearly four years, following strong data from China, Australia and the euro zone. [ID:nLDE6100W3]
Canadian life sciences company MDS Inc MDS.TOMDZ.N said that it would start a “substantial” share buyback some time over the next month after it finalized the sale of its Analytical Technologies division. [ID:nN01182250]
Canadians became slightly less optimistic in January about the economy and job prospects and more concerned about their debt loads, a consumer confidence survey showed. The RBC Monthly Canadian Consumer Outlook Index dipped 2 points to 106 in January from December. [ID:nN29196822]
Following is a summary of research actions on Canadian companies reported by Reuters on Monday. [RCH/CA]
* RBC raises price target on Saputo (SAP.TO) to C$32 from C$30; rating outperform
* Scotia cuts Canadian Pacific Railway (CP.TO) price target to C$61.50 from C$63
* Versant starts Gran Tierra Energy (GTE.TO), 4 others
Reporting by Ka Yan Ng, Editing by Chizu Nomiyama