CANADA STOCKS-TSX may open higher with commodities firm

Tue Jun 7, 2011 8:38am EDT
 
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June 7 (Reuters) - Toronto's resource-heavy main stock index looked set to open higher on Tuesday, helped by slightly firmer commodity prices and the belief among some investors that shares offer good value after five losing sessions.

FACTORS TO WATCH

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

* U.S. stock index futures rebounded a day after the S&P 500 hit its lowest level in over two months, taking out important technical levels as investors grew more bearish on the economy. [.N]

* European shares were higher in early trade, with miners among the gainers and German utility E.ON (EONGn.DE: Quote) up after bullish comment from UBS. [.EU]

* Asian markets were mixed with Nikkei snapping a three-day losing streak to close up 0.7 percent as hedge funds covered short positions and foreigners bought back on cheap valuations.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.12 percent in early trade.

* Oil rose slightly, boosted by dollar weakness, but gains were muted due to expectations OPEC might raise its production target this week and to worries about the demand outlook. [O/R]   Continued...