CANADA STOCKS-TSX looks set to fall as jobs data weak, oil slips
TORONTO, Feb 6 (Reuters) - Toronto's main stock market looked set to open lower on Friday with weaker-than-expected Canadian and U.S. jobs figures underscoring a worsening economy, and easing commodity prices a source of pressure for the resource-laden index.
But U.S. stock index futures jumped as the U.S. data showing an unexpectedly sharp deterioration in the labor market emboldened expectations for government intervention to stimulate the economy. [ID:nN06412675]
The S&P/TSX composite index .GSPTSE closed higher for a third straight session on Thursday in a broad rally led by strength in the key energy and materials groups, which rose on higher commodity prices.
Below is some of the news that may affect the market.
CANADA, U.S. JANUARY JOB LOSSES
Canada suffered its worst job losses in over three decades in January as the recession forced employers to cut a record 129,000 workers and pushed the unemployment rate to 7.2 percent from 6.6 percent in December. [ID:nN06253705]
U.S. employers slashed 598,000 jobs in January, the deepest cut in payrolls in 34 years as the national unemployment rate shot up to 7.6 percent, according to a Labor Department report on Friday that underlined a deepening recession. [ID:nOAT00198]
OIL BELOW $40, GOLD STEADY
Oil dropped below $40 a barrel as a weakening global economy overshadowed OPEC's attempts to curb crude supply and boost prices. [ID:nSP429198]
Gold was steady in Europe as traders took to the sidelines ahead of key U.S. jobs data. [ID:nL6618939]
* See also: Centerra's (CG.TO) Q4 results [ID:nWNAB9544]
TEACHERS' BOOSTS PETRO-CANADA STAKE, HOLDS TALKS
Ontario Teachers' Pension Plan boosted its stake in Petro-Canada PCA.TO nearly fourfold over the last quarter of 2008 and said on Thursday it is talking with the company's management about boosting the value of the shares. [ID:nN05397382]
TD TO INCREASE STAKE IN TD AMERITRADE
TD Bank (TD.TO) said it plans to increase it ownership stake in TD Ameritrade by about 5 percent. The ownership has been limited to 39.9 percent under terms of stockholders agreement, but had been increased to 45 percent in January. [ID:nN06435041]
* See also: Genuity downgrades TD to hold from buy, citing potential impairments from the bank's relatively higher available-for-sale (AFS) securities portfolio [ID:nBNG253810]
ALBERTA PLANS TAX BREAKS, INCENTIVES FOR OIL FIRMS
Alberta will offer tax breaks and drilling incentives to small and mid-sized energy companies struggling to raise cash due to tight credit markets and a collapse in crude prices, the oil-rich Canadian province's premier said on Thursday. [ID:nN05535358]
* See also: Alberta premier says no financial aid for Nova NCX.TO [ID:nN05400115]
CANWEST MULLS SELLING FIVE TV STATIONS
Debt-laden Canwest Global Communications Corp CGS.TO is considering selling five of its Canadian conventional TV stations, the media company said on Thursday, just days after warning that the slumping economy could force one of its subsidiaries to breach debt covenants. [ID:nN05394291]
COREL POSTS LOWER PROFIT
Software maker Corel Corp (CRE.TO) said fourth-quarter profit fell more than 60 percent, and it would not provide either a quarterly or full-year outlook. [ID:nN06432080]
RESEARCH ROUNDUP
Following is a summary of research actions on Canadian companies reported by Reuters. For more, please see [RCH/CA]
* UBS raises Research in Motion (RIM.TO) price target; rating neutral
* Genuity, Haywood, UBS cuts Manitoba Telecom (MBT.TO) price target
* Raymond James cuts Bombardier (BBDb.TO) price target
* Versant cuts Magellan Aerospace (MAL.TO) to sell from neutral
* UBS raises Kinross (K.TO) to buy from neutral
($1=$1.25 Canadian) (Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson)
