CANADA STOCKS-TSX may open higher on bin Laden, oil could weigh

Mon May 2, 2011 8:25am EDT
 
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May 2 (Reuters) - Toronto's main stock index looked set to open slightly higher on Monday after news that al Qaeda leader Osama bin Laden was killed by a U.S.-led operation in Pakistan increased investor hopes that geopolitical risks will ease.

But Canadian energy and gold mining stocks could weigh on the broader market after the news helped send oil prices down by more than 3 percent and knocked the gold price from a record high. [O/R] [GOL/]

FACTORS TO WATCH

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

* U.S. stock index futures advanced following confirmation that Al Qaeda leader Osama bin Laden was killed by a U.S.-led operation in Pakistan. [.N]

* European shares hit a two-month high in holiday-thinned trade on optimism the earnings season will stay strong in the near-term. [.EU]

* Asian markets were mixed with Nikkei jumping above 10,000 for the first time since mid-March on optimism that Wall Street shares would rally further later in the day after Laden's death.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.73 percent in early trade.   Continued...