CANADA STOCKS-TSX may open higher on commods;U.S. data eyed

Wed Mar 21, 2012 8:11am EDT
 
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March 21 (Reuters) - Toronto's resource heavy index looked set to open higher on Wednesday with equities set to bounce back from the Tuesday's pull-back as investors bet U.S. housing data will give further evidence of economic recovery.

FACTORS TO WATCH

* Canadian equity futures pointed to a higher open.

* U.S. stock index futures rose ahead of data on the housing market after the S&P 500 snapped a three-day winning streak in the prior session.

* European shares edged higher led by retailer Sainsbury, breaking a two-day downtrend as investors positioned for upbeat U.S. housing data in the hope it will provide further evidence of economic recovery.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index, a global commodities benchmark, rose 0.17 percent in early trade.

* Brent crude oil rose as a surprise drawdown in U.S. stocks offset efforts by Saudi Arabia to lower prices by promising to ramp up supply if needed.

* Gold prices edged higher after dropping nearly 1 percent in the previous session, as a slightly weaker dollar came to the aid of buyers, while sluggish physical demand and an improving U.S. economic outlook capped gains.   Continued...