CANADA STOCKS-TSX may open higher on firm oil, metals

Tue Jul 7, 2009 8:38am EDT
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TORONTO, July 7 (Reuters) - Toronto's main stock index could open higher on Tuesday as commodity prices recovered from Monday's steep drop, but the gain could be capped by nagging concerns about the global economic recovery.

The euro rose broadly, world stocks turned higher, and energy and commodity prices rebounded on Tuesday after upbeat German manufacturing data helped to inject optimism about a global economic recovery. [ID:nL7646094]

But S&P 500 and Nasdaq futures turned negative, while Dow futures pared gains on Tuesday, as investors turned anxious about the potential strength of an economic recovery ahead of earnings season. [nN07547571]

On Monday the S&P/TSX composite index .GSPTSE closed 255.67 points, or 2.5 percent, lower at 10,027.43.

Below is some news that could affect the market:


Manulife Financial Corp, Canada's top life insurer, said late on Monday its Manulife Financial Capital Trust II unit would issue C$1 billion ($862 million) of notes for Tier 1 capital, strengthening its balance sheets.[ID:nN06286715]


Canadian auto parts supplier Magna has delayed to July 14 a board meeting where it was to approve its takeover of carmaker Opel from bankrupt U.S. parent General Motors, a source with knowledge of the matter said on Monday. [ID:nL6323825]   Continued...