October 20, 2009 / 12:08 PM / 9 years ago

CANADA STOCKS-TSX may open higher on upbeat U.S. earnings

 TORONTO, Oct 20 (Reuters) - Toronto’s main stock index could follow its U.S. counterpart to a higher open on Tuesday as strong quarterly results from a pair of bellwethers offered further signs of an economic rebound.
 Strong quarterly results from bellwethers Apple (AAPL.O) and Texas Instruments TXN.N after the close on Monday pleased investors and helped boost U.S. futures. [ID:nLK361057]
 A Bank of Canada rate announcement due ahead of the open could also influence investor sentiment.
 The Bank of Canada is expected keep interest rates steady at record lows and tinker with its economic forecasts as it waits for firmer evidence of the recovery when it makes the announcement at 9 a.m. (1300 GMT). [ID:nN16310648]
 The S&P/TSX composite index .GSPTSE closed with a gain of 33.63 points, or 0.29 percent, at 11,538.39 on Monday.
 Here is some news that could affect the market:
 Barrick Gold Corp, the world’s top gold miner, said on Monday it will cut about 80 jobs as part of a cost-saving organizational review, and take a $30 million one-time charge to earnings. [ID:nN19397963]
 Business communications company Aastra Technologies Ltd posted a jump in quarterly profit on Monday as it slashed expenses and research and development spending to help it cope with slumping sales. [ID:nN19396583]
 Oil edged lower on Tuesday, ebbing from an over $80 a barrel a peak hit earlier on a weaker dollar, as a cautious reassessment of supply and demand tempered the rally. [O/R]
 Gold rose towards $1,065 an ounce in Europe on Tuesday as persistent weakness in the dollar fueled buying of the precious metals as an alternative asset. [GOL/]
 Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click [RCH/CA]
 * Raymond James cuts Canadian Apartment REIT (CAR_u.TO) to “market perform” rating from “outperform” and raises target price 2.8 percent to C$14.40.
 * Raymond James starts coverage of Great Canadian Gaming (GC.TO) with “outperform” rating and C$11 target price.
 ($1=$1.03 Canadian)  (Reporting by Frank Pingue, Editing by Chizu Nomiyama)                                      

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