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Latest Headlines
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Nov 25, 2009 6:08:00 AM MST
Stocks head for higher open following Fed comments on economy; oil, gold, C$ up (Dollar-Markets)
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TORONTO _ Higher prices for metals and oil should give the Toronto stock market a boost at the open.
New York futures also pointed to a positive start to Wednesday´s session ahead of fresh economic reports on consumer spending and new home sales.
The Dow Jones futures were up 25 points to 10,430, the Nasdaq futures gained 8.25 points to 1,794.75 and the S&P 500 futures advanced 5.6 points to 1,108.7 ahead of what is expected to be a quiet session heading into the U.S. Thanksgiving Holiday.
A weaker U.S. currency helped push the Canadian dollar up 0.93 of a cent to 95.45 cents US.
The January crude contract on the New York Mercantile Exchange rose 24 cents to US$76.26 a barrel after losing ground Tuesday in the wake of soft U.S. economic growth and consumer sentiment data.
The December bullion contract on the Nymex continued to head higher into record territory, up $14.70 to US$1,180.50 an ounce while December copper climbed three cents to US$3.15 a pound.
Comments from the U.S. Federal Reserve helped drive investor sentiment Wednesday. The central bank said the economy´s contraction for all of this year won´t be as deep as it thought in a forecast released in the summer. Growth next year should turn out slightly better than the Fed previously projected.
The Fed also said in minutes from its last meeting on interest rates that the unemployment rate, which hit a hit a 26-year high of 10.2 per cent in November, will stay in the range of 9.3 per cent to 9.7 per cent next year, which is slightly better than the Fed´s June forecast. It also offered reassurance that interest rates will stay close to zero for quite a while yet.
On the economic calendar, it is expected that a U.S. Commerce Department report on personal income and spending will show that spending rose 0.5 per cent in October after falling 0.5 per cent in September. Income is expected to rise 0.2 per cent after being flat in September.
Later in the day, the University of Michigan´s final report on consumer sentiment for November in expected to be revised up to 67 from a preliminary reading of 66, but will still be below the October reading of 70.6.
Investors will also get an update on the job market when the Labour Department releases its weekly report on first-time claims for unemployment benefits.
On the corporate front, farm equipment maker Deere and Co. says big charges and lower sales of farm and construction equipment amid the economic downturn left it with a US$223 million loss for the fourth quarter. Deere says worldwide revenue ped 28 per cent to US$5.33 billion.
QLT Inc. (TSX:QLT) has agreed to pay US$20 million to settle a legal dispute with Massachusetts General Hospital, which had been seeking higher royalty payments from the sale of the Visudyne treatment for age-related blindness. In return for QLT´s payment, the Boston-based hospital has agreed to dismiss its claims against the Vancouver-based drug developer.
Fairfax Financial Holdings Limited (TSX:FFH) said Tuesday that it has received preliminary regulatory approval to establish of a new property and casualty insurance company in Brazil. The company plans to carry out its operations across Brazil, in all lines of commercial business, with a primary focus on property, energy, casualty, surety, marine, financial lines, special risks, hull and aviation
Overseas, Japan´s Nikkei 225 stock average advanced 0.4 per cent, Hong Kong´s Hang Seng index advanced 0.8 per cent, and China´s Shanghai benchmark rebounded from a big retreat the day before, closing up 2.1 per cent.
London´s FTSE 100 index gained 0.69 per cent, Frankfurt´s DAX was up 0.61 per cent and the Paris CAC 40 rose 0.74 per cent.
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