December 19, 2008 / 1:49 PM / 10 years ago

CANADA STOCKS-TSX set to open lower as commodities hit

TORONTO, Dec 19 (Reuters) - Toronto’s main stock index is poised to open lower on Friday as the resource-laden market may be hit by sliding oil and gold prices and as fertilizer giant Potash Corp of Saskatchewan POT.TO cut its full-year earnings outlook.

On Thursday, the S&P/TSX composite index .GSPTSE closed down 298.76 points, or 3.42 percent, to 8,425.35, as tumbling oil prices hit energy issues while materials and financial stocks felt the sting of deepening worries about the health of the global economy.

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


Canada’s annual inflation rate dropped to 2.0 percent in November from 2.6 percent in October as lower gas prices offset an increase in food and shelter costs, Statistics Canada said on Friday. [ID:nN19431958]


Potash Corp of Saskatchewan Inc, the world’s biggest fertilizer company, cut its outlook for full-year earnings by 10 percent, blaming the weak world economy. [ID:nN18416174]


Research In Motion RIMM.O delivered a quarterly profit in line with forecasts and a rosier-than-expected outlook that reflects strong holiday sales of its BlackBerry smartphones even as the global economy slows. [ID:nN18411402]


Canadian Prime Minister Stephen Harper said on Thursday his government could run a deficit of as much as C$30 billion next year to fund a stimulus package aimed at kick-starting the weakening economy. Harper made the comments in a year-end interview with CTV television. [ID:nN19537755]


AbitibiBowater Inc is talking with the U.S. and Canadian governments about a province’s move to expropriate its hydroelectric and timber rights. [ID:N18416899]


BCE Inc’s chairman and three directors will leave the company’s board in February, announcing their departure a week after an attempt at a leveraged takeover of the company foundered on fears it would leave Canada’s biggest telecommunications firm insolvent. [ID:nN18409943]


Oil fell below $34 a barrel to its lowest level in almost five years as the global economic slowdown overshadowed a record supply cut this week by the Organization of the Petroleum Exporting Countries. [ID:nSP402621]


The price of gold XAU= dropped [ID:nLJ483870] and base metals were mostly higher, but copper fell as the weak demand outlook for metals persisted. [ID:nLJ651441]


U.S. stock index futures pointed to a flat to lower opening and embattled automakers General Motors and Chrysler appeared close to getting a U.S. government lifeline. [ID:nN19354442 Also see: [MKTS/GLOB]


UBS cuts its price target for Research in Motion RIMM.O to $42 from $50. For more research, see: [CA-RCH] ($1=$1.22 Canadian) (Reporting by Jennifer Kwan)

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