CANADA STOCKS-TSX may open up on commodities; oil spill a worry

Mon May 3, 2010 8:38am EDT
 
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May 3 (Reuters) - Firmer commodity prices could lift Toronto's main stock index on Monday, but gains could be limited by concerns about the oil spill in the U.S.

Mining stocks could be in focus after the Australian government said it planned to slap a 40 percent tax on mining profits as commodity prices soar.

With no economic data set for release, investors will keep a tab on Wall Street, which is also set for higher open on news that UAL Corp UAUA.O will buy Continental Airlines Inc (CAL.N: Quote) to form the world's largest airline. [.N]

European shares edged lower on concerns that a massive bailout package for Greece may face political obstacles and on doubts that Athens can implement tough austerity measures agreed in exchange for aid.

Asian equities fell after China on Sunday increased the amount that lenders must keep in reserve at the central bank as it struggles to temper inflationary pressures, its third such move this year.

Markets in the United Kingdom, China and Japan are among those that are closed today.

Here is some news that could affect stock prices:

OIL UP

Oil edged above $86 a barrel, gaining for a fourth session, balanced by concerns about the oil spill in the United States and doubts about a massive bailout package for Greece. [O/R]   Continued...