TORONTO, Sept 29 (Reuters) - Canada’s S&P/TSX composite index .GSPTSE may face pressure on Monday, as oil fell toward $101 a barrel and as markets worry about the extent of the problems facing banks around the world. Here is some of the news that could affect the market.
The U.S. House is expected to vote on the big bailout rescue plan for the financial industry, while Citigroup Inc (C.N) set a deal to acquire most of Wachovia Corp WB.N assets. For details, see [ID:nLT436737]
The governments of Belgium, Netherlands and Luxembourg moved to part-nationalise Fortis NV FOR.BR with an injection of over $16 billion, while British mortgage lender Bradford & Bingley BB.L was brought under the government’s wing.
German lender Hypo Real Estate Holding AG HRXG.DE also secured a credit line from government and banks. [ID:nLS357697] For links to more stories, see [ID:nN22402709]
Research in Motion Ltd will sell its high-end BlackBerry Bold in Japan through No. 1 carrier NTT DoCoMo from early 2009, betting new product launches around the world will help it raise its global market share even though initial costs may eat into gross margins. [ID:nT262406]
DHX Media Ltd, a Canada-based children’s television program producer, has agreed to a reverse takeover of Entertainment One Ltd ETO.L in a deal valuing DHX at around C$68 million. The deal is expected to at the end of December. [ID:nN29300589]
Verenex Energy Inc makes new oil discovery in the Ghadames Basin in Libya, the north African country’s National Oil Corporation said. [ID:nLT538074]
CAE INC (CAE.TO)
Versant cuts CAE Inc to hold from buy and reduces price target to C$9.50 from C$14, saying the downgrade is based on more cautious outlook for commercial pilot training market. [ID:nWNAB3551]
OIL CLc1 FALLS TOWARD $100
Oil fell to $101 a barrel on gains in the U.S. dollar and on concerns the liquidity crisis is spreading beyond the United States to Europe. [ID:nSYD370166]
The price of gold was slightly lower on a stronger U.S. dollar, [ID:nLI386006] while base metals also fell ahead of the vote on the U.S. bailout plan. [ID:nLT478337]
The U.S. Commerce Department reports on personal income and spending for August. [ID:nN29390994] ($1=$1.04 Canadian) (Reporting by Jennifer Kwan)