TSX may open lower as Europe optimism fades

Mon Oct 17, 2011 8:13am EDT
 
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Oct 17 (Reuters) - Toronto's main stock index looked set to open lower on Monday after the German finance minister said an EU summit on Oct 23 would not produce a decisive agreement on resolving the euro zone debt crisis, dampening earlier hopes.

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> pointed to a lower open.

* U.S. stock index futures fell after the market's best two-week run since 2009 as Germany's finance minister said a forthcoming European summit would not yield a definitive solution to the region's debt crisis. [.N]

* European shares reversed earlier gains to trade down after Germany warned against unrealistic "dreams" that this weekend's European Union summit will produce a definitive plan to tackle the region's sovereign debt crisis. [.EU]

* Asian shares rose with the Nikkei average edging up to a six-week high. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ To receive an early e-mail of Reuters Morning News Call - Canada -- a preview of market moving news -- Thomson Reuters subscribers can register at [CA/MNC] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.09 percent in early trade.

* Brent crude extended losses and U.S. crude turned negative following remarks from Germany that the forthcoming EU summit would not produce a definitive solution to the euro zone debt crisis. [O/R]   Continued...