August 20, 2009 / 12:32 PM / 10 years ago

CANADA STOCKS-TSX to climb at the open after China rebound

TORONTO, Aug 20 (Reuters) - Toronto’s main stock index is expected to head higher on Thursday at the opening bell, following a rebound in Chinese stocks that gave investors the green light to embrace a more optimistic outlook on the world recovery.

The TSX has been volatile this week on seesawing appetite for risk, largely taking direction from the Chinese stock market, which has become a barometer of confidence in the strength of the recovery.

The S&P/TSX composite index .GSPTSE finished Wednesday’s session up 12.99 points, or 0.12 percent, at 10,686.83, after fighting back from an earlier 1.5 percent slide when market mood was undermined by a selloff on Chinese stock markets.

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


Gold held near $945 an ounce in Europe, up a touch from the previous session as the U.S. dollar’s retreat from early highs against a basket of currencies boosted interest in the metal as an alternative asset. [ID:nLK328561]


Oil prices eased towards $72 a barrel, after rising more than 4 percent rise in the previous session, as optimism about the pace of demand recovery in the United States faded. [ID:nSP514250]


The heads of Canadian autoparts maker Magna International MGa.TO and its Russian partner Sberbank are to meet their counterpart at General Motors [GM.UL] on Thursday as the sale of GM’s Opel business looms, a person close to the matter said. [ID:nLK501415]


Economist forecast initial weekly jobless claims at 550,000, a decline from the previous week, when they posted a surprise rise, the first in seven weeks. ECONUS


Powerful Hurricane Bill raged across the open Atlantic on Wednesday, days from land but on a path that could menace Canada’s eastern provinces next week. It was downgraded to Category 3 this morning.[ID:nN20405368] [ID:nN19474707]


Market share for stock exchange operator TMX Group (X.TO) slipped to around 85 percent in July as smaller rivals managed to further erode its dominance over the Canadian equity trading landscape. That’s down from a little over 94 percent at the start of the year and 98 percent a year ago. [ID:nN19331988]


Following is a summary of research actions on Canadian companies reported by Reuters on Thursday. For more, double-click [RCH/CA]

* Keybanc raises Lululemon Athletica LLL.TO (LULU.O) to buy from hold

* Genuity raises Laurentian Bank (LB.TO) to buy from hold, cuts Canadian Western Bank (CWB.TO) to hold from buy (Reporting by Ka Yan Ng; Editing by Theodore d’Afflisio)

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