TORONTO, Sept 25 (Reuters) - Canada’s S&P/TSX composite index .GSPTSE may face pressure on Thursday as commodities sag and U.S. economic bellwether General Electric (GE.N) slashed its profit outlook.
But hopes over a deal on the U.S. bailout plan may calm the jittery market. Here is some of the news that could affect the market. Reuters has not verified and does not vouch for the accuracy of press reports.
Industrial conglomerate General Electric (GE.N), widely seen as a gauge for the U.S. economy, cut its earnings forecast and halted its buyback plans, blaming turmoil in the financial services market. [ID:nN25394000]
Chinese oil firm Sinopec Group has agreed to buy Tanganyika Oil Co Ltd, a small producer of heavy oil in Syria, for C$31.50 a share in a deal valuing the firm at C$2.07 billion. [ID:nHKG194242]
Congress looked close to reaching a deal to approve a $700 billion plan to rescue the U.S. financial system and President George W. Bush called an emergency meeting to hammer out details. [ID:nSP335584] For more stories, see [ID:nN13574113]
ROYAL BANK OF CANADA (RY.TO)
Canada’s biggest bank, Royal Bank of Canada, is at the top of the list for enforcement agents at the U.S. Securities and Exchange Commission, as they crack down on financial institutions amid mounting public anger over a plan to bail out banks exposed to the credit crisis at the expense of taxpayers, the National Post newspaper said.
Bombardier has pulled out of talks to acquire a stake in Russian railway engineering firm TransMashHolding, Russia’s Kommersant newspaper reported on Thursday. [ID:nLP543903]
Medtronic Inc (MDT.N) will bid C$8.75 a share for all of CryoCath Technologies Inc’s CYT.TO outstanding shares in a deal with a total equity value of about C$400 million, the companies said. [ID:nWNAB2834]
The downturn in the British housing market will cut third-quarter profit at MacDonald Dettwiler & Associates Ltd MDA.TO, the aerospace and real estate data services firm said late on Wednesday. [ID:nN24477858]
Research in Motion Ltd reports second-quarter results after the close of the market.
OIL CLc1 FALLS TOWARD $103
Oil fell toward $103 a barrel on signs of sluggish demand in the United States and other developed economies, and as uncertainty lingered about the proposed U.S. bailout plan. [ID:nNSYD33032]
Gold rose slightly as investors sought safety in bullion as doubts lingered about whether Congress would derail the U.S. government’s multi-billion dollar rescue [ID:nLP62790], while base metals sagged. [ID:nLP619248]
Bank of Canada Governor Mark Carney speaks on “Reflections on Recent Economic Developments” to the Canadian Club Montreal at 1:15 p.m. ($1=$1.03 Canadian) (Reporting by Jennifer Kwan; editing by Janet Guttsman)