October 8, 2008 / 12:49 PM / 9 years ago

CORRECTED - CANADA STOCKS - Factors to watch on Oct 8

(Corrects first paragraph to show Bank of Canada cut key rate to 2.50 percent, not 2.0 percent)

TORONTO, Oct 8 (Reuters) - Canada’s S&P/TSX composite index .GSPTSE may get a boost on Wednesday after the Bank of Canada unexpectedly cut its key interest rate by 50 basis points to 2.50 percent in a coordinated effort by central banks around the world to soothe faltering financial markets.

Here is some of the news that could affect the market:

BANK OF CANADA RATE CUT

The Bank of Canada unexpectedly cut its key interest rate by 50 basis points to 2.50 percent on Wednesday in a coordinated effort with other central banks in a bid to calm ailing financial markets. [ID:nN08492471] For links to more stories, see: [ID:nCRISIS] [ID:nN08304738]

CANADA HOUSING

The Canada Mortgage and Housing Corp says housing starts in the country edged higher in September to a seasonally adjusted annualized rate of 217,600 units from a revised 217,400 units in August. [ID:nHND005501]

CANADA ELECTION

Prime Minister Stephen Harper unveiled a C$8.67 billion election platform on Wednesday and presented himself as the steady hand to steer Canada through tricky economic waters, a day when a poll indicated Conservative support was slipping with only a week until election day. [ID:nN07481218]

ECONOMIC WOES

The slide in the polls for Prime Minister Stephen Harper’s Conservatives has been so steep as voters worry about the economy that the possibility of his losing the upcoming Canadian election is being raised. [ID:nN07471513]

TORONTO STOCKS TARGET

UBS Canada lowers its target price for the S&P/TSX composite index .GSPTSE to 13,500 from 16,400 as it cuts its earnings view for the benchmark index on lower commodity prices and earnings. [ID:nWNAS3743]

OIL AND GAS COS

Genuity cuts targets on big names in the Canadian energy sector including EnCana Corp ECA.TO Canadian Natural Resources CNQ.TO [ID:nWNAS3731] and Suncor Energy SU.TO [ID:nWNAS3732], as well as oil and gas companies such as Oilexco Inc OIL.TO and Niko Resources NKO.TO [ID:nWNAS3729]

RIM RIM.TO

Research in Motion Ltd will roll out a touch-screen model of its BlackBerry smartphone this autumn, putting it into direct competition with Apple’s AAPL.O popular iPhone. [ID:nN07480512]

OIL CLc1 FALLS

Oil falls below $89 a barrel, but recovers from a 10-month low after the U.S. Federal Reserve led a global round of emergency interest rate cuts to try to prop up the world economy. [ID:nL863798]

GOLD GLITTERS, BASE METALS SLUMPED

Gold rises to above $900 an ounce as investors flocked to the precious metal even after a coordinated rate cut by the world’s biggest central banks to ease beaten-down financial and equity markets. [ID:nL860312], while most base metals trimmed losses after the rate cuts. [ID:nL824162]

CANADA SAVINGS BOND SALES

Canada will start selling a new issue of savings bonds on Friday, after a four-day delay, the Finance Department says. [ID:nN07489911] ($1=$1.11 Canadian) (Reporting by Jennifer Kwan; Editing by James Dalgleish)

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