January 19, 2010 / 12:52 PM / 9 years ago

CANADA STOCKS-TSX may open lower on oil, BoC eyed

TORONTO, Jan 19 (Reuters) - Toronto’s main stock index could open lower on Tuesday as weak crude oil hits energy producers, while investors await the Bank of Canada’s interest rate announcement before the market opens. For details, see [ID:nN15201393]

Canadian stocks could also follow world markets, which slipped, as investors awaited a wave of U.S. company earnings reports to give them an idea of how well the micro side of the global economic recovery is faring. [MKTS/GLOB]

U.S. futures pointed to a slightly lower start as the U.S. markets reopened after a long holiday weekend. All eyes were on Citigroup Inc (C.N), due to report quarterly results before the bell. [.N]

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE advanced on Monday, as energy and materials producers rose on the back of stronger commodity prices.

Here is some of the news that may affect the markets:


Crude oil futures fell 0.3 percent, dipping below $78 a barrel on Tuesday, to extend a losing streak from last week due to an expected dent in heating demand as northern hemisphere weather turned milder after a prolonged cold spell. [O/R]


Spot palladium and platinum hit fresh multimonth highs on Tuesday, underpinned by healthy demand after the launch of new U.S.-based exchange-traded funds backed by the metals, and an improving outlook for the global economy. Gold edged higher, but gains were limited due to a lack of cues from the dollar in the currency market. [GOL/]


Bombardier Inc (BBDb.TO) Commercial Aircraft President Gary Scott said he is happy with the planned introduction of C-series aircraft in the latter part of 2013. [ID:nWLB5401]


Infrastructure renewal, government stimulus spending and the end of the traditional income trusts will drive Canadian private equity deals higher in 2010, according to a top industry player. [ID:nN18158079]


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

*UBS cuts Potash Corp POT.N price target to $116 from $120; rated “neutral”

*Macquarie cuts Iteration Energy Ltd (ITX.TO) to “underperform” from “neutral”

*UBS raises Finning International Inc (FTT.TO) price target to C$21 from C$19; rated “buy” ($1=$1.03 Canadian) (Reporting by Claire Sibonney; editing by Jeffrey Benkoe)

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