CANADA STOCKS-TSX set to rise on commodity jump; Potash eyed

Tue Nov 2, 2010 8:57am EDT
 
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Nov 2 (Reuters) - Toronto's main stock index looked set to open higher on Tuesday on a jump in commodity prices, with investors also keeping a close eye on the takeover fight for Potash Corp. (POT.TO: Quote)

Canada's Industry Minister Tony Clement denied media reports that Canada has decided to approve BHP Billiton's $39 billion hostile bid to acquire the world's top fertilizer maker Potash. [ID:nN02203981]

FACTORS TO WATCH

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

* U.S. stock index futures rose as investors awaited results from the mid-term elections and the outcome of the U.S. Federal Reserve's policy-setting meeting. [.N]

* European shares edged up with oil majors supported by upbeat underlying results from BP, though trade was choppy ahead of the U.S. Federal Reserve's decision on monetary easing on Wednesday. [.EU]

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.97 percent in early trade.

* Oil rose ahead of an expected decision by the Federal Reserve to pump more money into the U.S. economy and after an apparent upward shift in price tolerance among oil producing countries. [O/R]   Continued...