CANADA STOCKS-TSX may open lower as soft commodities offset data

Fri Jun 10, 2011 8:46am EDT
 
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June 10 (Reuters) - Toronto's main stock index looked set to open lower on Friday as softer prices for oil, copper and other commodities offset the benefit of firmer Canadian jobs data.

Canada's unemployment rate fell to 7.4 percent in May from 7.6 percent as 22,300 jobs were added, marked by a solid shift towards full-time private-sector employment, according to Statistics Canada data on Friday. [ID:nN10163513]

FACTORS TO WATCH

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

* The Canadian dollar strengthened to a session high after better-than-expected domestic employment data. [CAD/]

* Disappointing trade data from China and the scrapping of a large IPO fed into fears about market volatility and the economy, sending futures lower a day after stocks bounced from a six-day losing streak. [.N]

* European shares slipped as investors worried whether the slew of recent macroeconomic data was a temporary problem or signaling something more significant. [.EU]

* Asian markets were mixed but Nikkei bucked the trend to close half a percent up, taking cues from receding worries over the U.S. economy, though market players remained sceptical it would break through resistance from its 200-day moving average.

COMMODITY PRICE MOVES   Continued...