CANADA STOCKS-TSX may open lower as commodities drop

Thu May 5, 2011 8:49am EDT
 
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May 5 (Reuters) - Toronto's main stock index looked set to open lower on Thursday, with a plunge in commodity prices likely to hit the resource-heavy market.

FACTORS TO WATCH

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

* U.S. stock index futures extended losses on Thursday after initial jobless claims rose more than expected. [.N]

* European shares hit a two-week low as banks fell following disappointing earnings news, with Lloyds LLOY.L slipping on a surprise $5.3 billion provision and Societe Generale SOGN.PA missing profit forecasts. [.EU]

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 1.44 percent in early trade.

* Brent crude fell by more than $3 to below $118 a barrel, as fund managers and traders pulled money from across the commodities sector as concerns about interest rate rises and demand destruction began to bite. [O/R]

* Silver prices tumbled five percent to their lowest since April 1 as investors pulled their money out of the precious metal after its surge last week. [GOL/]   Continued...