CANADA STOCKS-TSX to open little changed; U.S. data, oil weigh

Tue Feb 28, 2012 8:46am EST
 
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Feb 28 (Reuters) - Toronto's main stock index was set to open little changed on Tuesday, as disappointing U.S. economic data and soft oil prices offset hopes an injection of loans from the European Central Bank would help markets.

New orders for U.S. manufactured goods fell in January by the most in three years as demand fell across the board from machinery to aircraft, suggesting the economy started the year on weaker footing than expected.

Banks will guzzle another half a trillion euros of cheap three-year loans offered by the ECB on Wednesday, according to a Reuters poll of money market traders, who said the opportunity would be the last of its kind.

FACTORS TO WATCH

* Canadian equity futures pointed to a flat open.

* U.S. stock index futures pared gains after data showed orders for long-lasting manufactured goods fell more than expected in January.

* European shares rose on anticipation that the ECB's second round of cheap long-term loans would further ease balance sheet pressure among banks.

COMMODITY PRICE MOVES   Continued...