February 4, 2010 / 1:15 PM / 8 years ago

CANADA STOCKS-TSX may fall on renewed eurozone concern

TORONTO, Feb 4 (Reuters) - Toronto’s main stock market index may fall at the open, following sentiment that has knocked down overseas and U.S. stock index futures, as concerns about sovereign debt in some euro zone countries picked up.

Greece’s fiscal troubles have sparked renewed financial market concern about the sustainability of public finances in peripheral euro zone countries after the global economic downturn sparked surges in public debt and budget deficits that compound long-running problems. [ID:nEUROPEAND]

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE fell 0.16 pct to 11,390.46 on Wednesday as investors grew cautious after two straight sessions of gains and a stronger greenback pressured commodity prices.

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

BCE

BCE Inc (BCE.TO) reported a fourth-quarter profit, reversing a loss in the year-earlier period, when Canada’s biggest communications company recorded a large restructuring charge. [ID:nN03163570]

COMMODITY PRICES

Gold prices retreated toward $1,100 an ounce in Europe, as the U.S. dollar rose to a seven-month high versus the euro on concerns over debt problems in euro zone economies Greece, Spain and Portugal. [GOL/]

Oil fell towards $76 a barrel as rising crude inventories in the United States signaled a rebound in U.S. economic activity was failing to translate into higher demand. [O/R]

HUSKY

Husky Energy Inc (HSE.TO), Canada’s No.3 integrated oil producer and controlled by Hong Kong billionaire Li Ka-shing, said its fourth-quarter profit rose as oil prices strengthened. [ID:nN03168862]

EARNINGS RECAP

* Canaccord (CF.TO) swings to profit [ID:nN03176011]

* Open Text OTC.TO profit surges as revenue jumps [ID:nN03156053]

* Fortis (FTS.TO) Q4 earnings rise [ID:nN04229604]

* Domtar (UFS.TO) posts Q4 profit, sees strength in pulp demand [ID:nWNAB3048]

* Ballard Power Systems Q4 results BLD.TO [ID:nWNAB2768]

DATA ON TAP ECON

At 8:30 a.m. (1330 GMT), market players will sift through weekly first-time claims for jobless benefits as well as preliminary fourth-quarter productivity data, both from the United States. Statistics Canada is due to release December building permits.

At 10 a.m. (1500 GMT), U.S. December factory orders and Canada’s Ivey purchasing managers index for January are due.

RESEARCH ROUNDUP

Following is a summary of research actions on Canadian companies reported by Reuters on Thursday. [RCH/CA]

* UBS raises target price on Enbridge (ENB.TO)

* Versant raises Open Text to “buy” from “neutral”

* RBC raises Labopharm DDS.TO price target (Reporting by Ka Yan Ng; Editing by Theodore d‘Afflisio)

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