TSX may open higher; oil prices may support

Fri Mar 16, 2012 8:09am EDT
 
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March 16 (Reuters) - Toronto's main stock index looked set to edge higher on Friday, taking cues from U.S. and Europe and from commodity prices.

FACTORS TO WATCH

* Canadian equity futures pointed to a higher open.

* U.S. stock index futures were little changed ahead of data on consumer sentiment. The benchmark S&P 500 index closed above 1,400 for the first time since the 2008 financial crisis.

* European equities climbed to levels not seen since the summer, with charts pointing to more near-term gains as long as economic data and earnings remain supportive.

COMMODITY PRICE MOVES

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

* Brent crude rebounded trading near $123 a barrel as traders focused on restricted Iranian exports and outages that are trimming spare capacity, after a sharp selloff the previous day.

* Gold faced its largest weekly decline in three months after top consumer India said it would double import duties on bullion and upbeat U.S. data fed optimism over the global economy and boosed the appetite for risk.   Continued...