CANADA STOCKS-TSX may open lower as commodity prices drop

TORONTO, July 8 (Reuters) - Toronto's main stock index could open lower on Wednesday, following world markets, as commodity prices continue to drop and talk about the need for a second U.S. stimulus plan weighs on sentiment.

Economic jitters continued to sweep financial markets on Wednesday, weakening stocks overseas, propelling the Japanese yen to a six-week high and dragging oil down to around $62 a barrel.[ID:nL8503166]

U.S. stock index futures pointed to a flat open on Wednesday, following steep losses the previous session, with investors nervous about the start of the corporate earnings season. [ID:nN08373361]

On Tuesday the S&P/TSX composite index .GSPTSE closed down 183.08 points, or 1.83 percent, at 9,844.35, the second consecutive triple-digit point loss.

Here is some news that could affect the market:

MAGNA (MGa.TO)

Magna co-CEO tells German Rheinische Post paper it still aims to agree on terms for takeover of GM's GMGMQ.PK Opel by July 15.[ID:nWEA0154]

ROYAL BANK OF CANADA (RY.TO)

RBC Capital Markets won the right to be a U.S. primary dealer of Treasury securities starting on Wednesday, part of a push by the unit of Canada's largest bank to win more U.S. and European business. [ID:nN07315620]

G8

Global economic recovery is not yet guaranteed and governments will worry about the bill for heavy stimulus spending once it has succeeded, world leaders are set to say at a summit in Italy.[ID:nL8524454]

OIL FALLS

Oil fell towards $62 a barrel on Wednesday, placing it on course for a sixth consecutive fall and the longest losing streak since mid-December, after the focus sharpened on economic weakness and data showed higher fuel stocks.[ID:nSP441411]

GOLD, BASE METALS

Gold slipped below $920 an ounce in Europe on Wednesday as a firmer dollar versus the euro hit demand for the metal, but remained in a relatively tight range as traders awaited direction from the currency markets.[ID:nL891648] Base metals were also lower.[ID:nSHA84678]

U.S. STIMULUS