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News from Reuters

TSX seen falling as Dubai fears, commodities drag

27/11/09

TORONTO (Reuters) - Toronto's main stock index is expected to open lower on Friday as pressures on commodity prices stemming from debt concerns in Dubai weigh for a second straight session.

U.S. stock index futures were also sharply lower, a day after markets were shut for the U.S. Thanksgiving holiday. Volume may be thin in both markets as the U.S. session is shortened, and may exacerbate movements on the market.

The S&P/TSX composite index <.GSPTSE> finished down 200.10 points, or 1.72 percent, at 11,436.80 on Thursday, as debt concerns in Dubai and job cuts at two of Canada's best-known companies heightened anxiety about the stability of the economic recovery.

Here is some of the news that may affect the market.

DUBAI

Dubai struggled to ease fears about a potential debt default after its move to delay repayments at two flagship firms shook confidence in the Middle East as a center for investment and a source of capital.

COMMODITIES

Gold prices tumbled nearly 5 percent to a one-week low below $1,140 an ounce as investors fearing debt default in Dubai sought safety in dollars and cash. Other precious metals also slipped.

Oil prices sank to six-week lows below $75 a barrel.

BLACK FRIDAY

Market players will try to gauge U.S. consumer spending on "Black Friday," the day after U.S. Thanksgiving, which is often the single busiest shopping day of the crucial holiday season with many retailers offering big sales. Consumer spending accounts for about 70 percent of the U.S. economy.

RESEARCH ROUNDUP

Following is a summary of research actions on Canadian companies reported by Reuters on Friday.

* Scotia raises Alimentation Couche Tard price target

* RBC cuts AltaGas Income Trust to sector perform from outperform

($1=$1.07 Canadian)

(Reporting by Ka Yan Ng, Editing by Chizu Nomiyama)

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