CANADA STOCKS-TSX could open lower after rally; oil eases

Tue Jun 2, 2009 8:29am EDT
 
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TORONTO, June 2 (Reuters) - Toronto's main stock index could open flat to slightly lower on Tuesday, as the price of oil retreated from a sharp rally and investors locked in some profits following a 2 percent climb in the previous session.

World stocks .MIWD00000PUS ticked up on Tuesday, recovering earlier losses, while U.S. stock index futures pointed to a flat open as investors awaited key housing data. For details see [ID:nN02498447]

On Monday, the S&P/TSX composite index .GSPTSE closed 233.99 points, or 2.26 percent, higher at 10,604.06. The resource-laden Toronto is up about 40 percent since hitting a five-year low in March, with the latest charge fueled by a more than 2 percent gain in oil prices, which rose on expectations of global economic recovery.

Here is some news that could affect the market:

OIL EASES

Oil CLc1 fell below $68 a barrel on Tuesday as prices slipped after touching a seven-month high in the previous day on a rally in equities. [ID:nSIN357259]

GOLD HIGHER

Gold edged higher in Europe on Tuesday, recovering from earlier losses, as dealers remained wary about the outlook for the dollar which hit its lowest level this year in the last session. [ID:nL2441397]

BASE METALS WEAKER   Continued...