CANADA STOCKS-TSX may open higher on strong commodity recovery

Mon May 9, 2011 8:43am EDT
 
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May 9 (Reuters) - Toronto's main stock index looked set to open higher on Monday as commodity prices recovered from the last week's hefty losses, which should boost shares of mining and energy companies.

FACTORS TO WATCH

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

* U.S. stock index futures rose as commodities and the euro bounced back from last week's hefty losses. [.N]

* European shares fell after top euro zone finance officials discussed the need for new adjustments to Greece's aid program, with fund managers advising caution on the euro zone peripheries. [.EU]

* Markets in Asia were largely up except Nikkei, which fell after Prime Minister Naoto Kan called for the closure of Chubu Electric's nuclear plant due to worries that a large earthquake could trigger another nuclear crisis.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 1.41 percent in early trade.

* Oil rebounded by more than $3, helped by a weaker dollar as the euro strengthened and bargain hunting by traders and investors after Brent crude lost over $16 last week. [O/R]   Continued...