RTTNews - Canadian stocks could see weakness in early trading as commodities continued a downward move. A discouraging employment report may lead to some declines in both sides of the border.
Investors returned to their desks after taking Canada Day off yesterday. Volume still may be lighter than usual as U.S. traders will be off tomorrow in observance of Independence Day.
Crude oil prices are down more than 2% in electronic trading, dipping below the $68 per barrel mark. Gold is down $12.80 to $928.50 and copper has lost 5.5 cents to $2.2755 a pound.
In corporate news, oil and gas explorer Gastar Exploration Ltd. (YGA.TO) announced Thursday that it has agreed to sell its entire interest in petroleum exploration licenses in New South Wales, or NSW, Australia and the shares of Gastar Power Pty Ltd. to affiliates of Santos Ltd. for an aggregate amount of US$240 million.
Bombardier (BBD.B.TO) said Tuesday that it has signed a contract with the Toronto Transit Commission for the supply of 204 100% low-floor streetcars to replace the City of Toronto's aging fleet of vehicles.
Magna International (MG.A.TO) could face a rival bid from Beijing Automotive Industry Holding Co. in its effort to aquire Opel, according to the Globe and Mail.
Across the border, a Labor Department report showed that non-farm payroll employment fell by 467,000 jobs in June following a revised decrease of 322,000 jobs in May. Economists had been expected a decrease of about 365,000 jobs compared to the loss of 345,000 jobs originally reported for the previous month.
A separate report showed initial claims fell to 614,000 from the previous week's revised figure of 630,000. Economists had been expecting claims to fall to 615,000 from the 627,000 originally reported for the previous week.
On Tuesday, the S&P/TSX Composite Index fell 101.86 points or 0.97% to end at 10,374.91. The decline snapped a five-session streak of gains.
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