RPT-CANADA STOCKS-TSX may open higher; Fed overshadows Potash

Thu Nov 4, 2010 9:09am EDT
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Nov 4 (Reuters) - Toronto's resource heavy main stock index looked set to open higher on Thursday after commodity prices rallied on the U.S. Federal Reserve's plans for more quantitative easing, which overshadowed Canada's decision to block a bid for Potash Corp. (POT.TO: Quote)


* Potash Corp. (POT.TO: Quote): Canada blocked BHP audacious US$39 billion bid for Potash and left little room for a modified offer, throwing the spotlight on how the world's largest miner can find new avenues for growth.[ID:nN03272751]

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

* The Canadian dollar extended gains to hit a near three-week high against the U.S. dollar as investors dumped the greenback after the U.S. Federal Reserve launched a new bout of quantitative easing. [CAD/]

* U.S. stocks index futures rose as more monetary stimulus from the U.S. Federal Reserve aimed at boosting the ailing economy fueled investor risk appetite. [.N]

* European shares rose to their highest level since April after the U.S. Federal Reserve unveiled a plan to buy assets, while BHP Billiton jumped after Canada blocked its Potash bid. [.EU]

* Asian stocks rose to their highest levels since June 2008, with Nikkei gaining 2.2 percent after its 7-week lows.   Continued...