November 30, 2009 / 1:16 PM / 9 years ago

CANADA STOCKS-TSX may open lower on resources, Dubai

TORONTO, Nov 30 (Reuters) - Canada’s main stock market index may open lower on Monday as weak gold and flat oil prices constrain the resource-heavy market and investors worry about Dubai’s debt problems.

Retail issues could also see some pressure after data showed that U.S. shoppers spent less per person at the start of the holiday season.

Toronto’s main stock index ended up 0.2 percent at 11,464.41 in a see-saw session on Friday as gains in financial stocks overcame investor jitters over a possible debt default by a state-owned Dubai conglomerate. [nN27436587]

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


Gold prices eased on Monday to just over $1,170 per ounce even though currency fundamentals were favorable, with some investors opting for cash on residual wariness about Dubai’s debt shock.[nGEE5AT0Y2]


Oil prices were flat around $76 a barrel on Monday, as the dollar weakened, but investors kept a wary eye on debt-laden Dubai and its impact on the global economy. [nSYD407517]


The Dubai government disclaimed responsibility for the debts of its Dubai World conglomerate on Monday, crushing earlier assumptions by creditors that the Arab emirate would guarantee its liabilities.[nGEE5AT1BN]


Canada is ready to legislate an end to a rail workers strike at Canadian National Railway (CNR.TO) (CNI.N) that began this weekend because it fears the stoppage will put a fragile economic recovery at risk, a senior government official said on Sunday. [nN29425005]


The Bank of Canada could keep its benchmark interest rate accommodative through 2015 to offset fiscal restraint by the government, which must hike taxes to balance its budget, former central bank chief David Dodge said on Friday. [nN27436803]


U.S. consumers spent significantly less per person at the start of the holiday season this weekend, dimming hopes for a retail comeback that would help propel the economy early in 2010. [nN29408611]


Canadian satellite technology company Com Dev International Ltd (CDV.TO) said it expects to post lower fourth-quarter results, hurt by weakness in two of its domestic government programs. [nBNG184230]


Following is a summary of research actions on Canadian companies reported by Reuters on Monday. [RCH/CA]

* RBC starts Canadian Western Bank (CWB.TO) with Sector Perform rating; Price target of C$25

* RBC starts Laurentian Bank of Canada (LB.TO) with Sector Perform rating; Price target of C$47

* Laurentian bank raises Logibec Groupe Informatique LGI.TO price target to C$24 from C$23; Rating Buy ($1=$1.06 Canadian) (Reporting by Scott Anderson, Editing by Chizu Nomiyama) ((; +1 416 941 8106; Reuters Messaging:

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