CANADA STOCKS-TSX may open lower on commodities, U.S. earnings
TORONTO Jan 12 (Reuters) - Toronto's main stock index looked set for a drop at the open on Tuesday as the resource-weighted market braced for falling commodity prices after China tightened monetary policy.
China's move boosted the U.S. dollar and dented gold's appeal. Oil also fell from a 15-month peak on milder U.S. winter weather.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE could also follow U.S. futures lower as investors digested disappointing results from the start of earnings season. [.N]
Canadian stocks finished little changed on Monday after climbing above 12,000 for the first time since September 2008, with weakness in heavyweight financial and energy issues offsetting strength in the index's materials group.
Here is some of the news that may affect the market:
China on Tuesday raised the proportion of deposits that banks must hold in reserve, in the clearest sign yet that it has started to tighten monetary policy with its economy roaring back to the brink of overheating. [ID:nTOE60B095]
Gold prices turned negative and platinum pared gains to slip below $1,600 an ounce in Europe on Tuesday after China raised its banks' reserve requirements, pressuring the euro lower versus the dollar. [GOL/] Continued...