TORONTO, Oct 7 (Reuters) - Canada’s S&P/TSX composite index .GSPTSE may get a boost on Tuesday after its big tumble on Monday as recession worries pummeled markets, while oil rebounded above $90 a barrel and gold was higher.
Here is some of the news that could affect the market.
Three polls show a tighter Canadian election race than earlier in the campaign and pointed to the ruling Conservatives winning a minority government rather than the majority that sometimes had seemed to be in the cards. [ID:N06387154]
Canada’s government says the economy can still avoid a recession even as the global financial crisis battered the stock market and economists warned of little growth until late next year. [ID:N06393924]
Australia responds to the growing credit crisis by cutting its interest rates by 100 basis points to 6.0 percent, putting pressure on Western central banks to cut borrowing costs. [ID:nPEK327881] For more link to stories, see: [nCRISIS]
RBC cuts price targets for Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO). [ID:nWNAS3535]
MANULIFE FINANCIAL (MFC.TO)
RBC cuts Manulife Financial Corp price to C$36 from C$40 and its stock rating to ‘sector perform’ from ‘outperform.’ RBC says Manulife in good position to make an acquisition. [RCH-CAN]
OIL CLc1 REBOUNDS
Oil rises above $90 a barrel after the rate cut in Australia sparked hopes that other policymakers would follow suit to prop up economic growth to support oil demand. [ID:nSP97566]
Gold rises to above $880 an ounce as oil rose and investors flocked to the precious metal amid a downturn in European stock markets. [ID:nL726436], while most base metals were firm. [ID:nL7658718]
Tembec Inc says it plans to slash pulp production at three of its high-yield pulp mills to combat weak demand and manage its inventories. [ID:nBNG364713]
CONNACHER OIL & GAS CLL.TO
Connacher Oil & Gas Ltd says it is shelving a planned expansion of its Montana refinery in order to concentrate on boosting output from its Canadian oil sands holdings. [ID:nN06400811]
IMAX Corp IMX.TO
IMAX Corp says it signs first joint venture theater deal in Europe to install three IMAX(R) theaters in Austria, and all the theaters will be equipped with the company’s new digital projection system. [ID:nWNAB5420] ($1=$1.10 Canadian) (Reporting by Jennifer Kwan, Editing by Chizu Nomiyama)