CA: TSX could open down on gold drop, recovery fears
TORONTO (Reuters) - Toronto's main stock index could open lower on Tuesday as weaker prices for gold and other commodities, pressured in part by a higher U.S. dollar, weigh on shares of mining companies on the resource-heavy index.
The S&P/TSX composite index could also follow global equities, which slipped after concerns grew over the sustainability of the euro zone's recovery and Greece's fiscal health. U.S. stock index futures pointed to a lower open..
Here is some news that could affect the market:
POTASH CORP
North American potash inventories at the manufacturer level fell slightly in November, Potash Corp of Saskatchewan, the world's largest producer of the crop nutrient, said on Tuesday.
TELECOMS UNION WANTS COURT TO RULE ON GLOBALIVE
Canada's biggest telecommunications union said on Monday it plans to take the federal government to court to force it to reverse its decision to allow foreign-backed cell phone company Globalive to operate a wireless service in this country.
OIL STEADY
Oil prices eked out slim gains on Tuesday. Earlier, it paused below $70 a barrel after falling for nine straight days, its longest continuous decline in eight years, as markets looked to U.S. storage data and dollar movements for further direction.
GOLD FALLS
Gold fell on Tuesday, pressured by a rise in the dollar versus the euro, as the single currency hit a 2-1/2-month low after lackluster German economic data and on concerns about euro zone banks.
CANADA RESEARCH ROUNDUP
* Raymond James cuts Research In Motion Ltd target price to $80 from $85; rating market perform
* Macquarie cuts Husky Energy to neutral from outperform
* UBS cut Enerplus Resources Fund price target to C$29 from C$30; rating buy
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($1=$1.06 Canadian)
(Reporting by Irene Kuan; Editing by Jeffrey Hodgson)