GB: TSX may open mixed as firmer oil offsets weak data
TORONTO (Reuters) - Toronto's main stock index could open mixed on Thursday as firmer oil and gold prices boost some resource firms, even as a jump in U.S. jobless claims weighs on sentiment.
World stocks slipped on Thursday after the Federal Reserve cautioned that the U.S. economy would remain weak for a time, adding to concerns about the sustainability of a recent recovery.
And U.S. stock index futures fell after U.S. government data showed the number of workers filing new claims for jobless benefits unexpectedly rose last week.
On Wednesday, the S&P/TSX composite index <.GSPTSE> rose 204.21 points, or 2.06 percent, to 10,100.93, after an Organization for Economic Co-operation and Development report said the global economic outlook has improved for the first time in two years.
Here is some news that could affect the market:
TECK RESOURCES
Canada's Teck Resources expects to reduce copper output at its Highland Valley mine by about 16,000 tonnes in the second half of the year and 52,000 tonnes in 2010, due to geotechnical issues, it said on Thursday.
MAGNA
Neither the German government nor bankrupt U.S. carmaker General Motors will admit it, but rival suitors for GM's Opel unit are likely just pawns in a high-stakes game of poker with favored bidder Magna.
OIL CLIMBS
Oil rose above $69 a barrel on Thursday after Nigeria's main militant group shut down one of Royal Dutch Shell's pipeline junction points, heightening concerns about supplies from the region.
GOLD, BASE METALS
Gold rose on Thursday, heading toward $935 per ounce as investors found support from the U.S. Federal Reserve indicating that it was in no hurry to raise borrowing costs from ultra-low levels. Base metals were mostly lower.
CANADA'S FLAHERTY
Canadian Finance Minister Jim Flaherty said on Wednesday he was seeing more positive signs than negative ones in the country's economy.
LABOPHARM INC
Labopharm Inc said on Thursday it shored up its credit lines with two key lenders, giving it more financial flexibility to advance its drug pipeline.
CANADA RESEARCH
Genuity raises Addax Petroleum price target to C$52.80 from C$40.[ID:nBNG480002]
Genuity raises AGF Management to hold from sell; RBC raises AGF price target to C$16 from C$15 and raises to outperform from sector perform; Dundee raises AGF to buy from neutral.
Desjardins raises Sherritt International price target to C$6.95 from C$6.40; keeps buy rating.