CANADA STOCKS-TSX set to open lower on easing commodity prices

Mon Jan 17, 2011 8:58am EST
 
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Jan 17 (Reuters) - Canadian stocks looked set to open weaker on Monday as a stronger U.S. dollar pushed commodity prices lower, with the U.S. public holiday expected to keep trading volumes light.

FACTORS TO WATCH

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

* European equities inched higher in cautious trade on Monday, with investors buying defensive shares such as pharmaceuticals and telecoms ahead of a meeting of finance ministers to increase the euro zone's rescue fund. [.EU]

* Asian stocks were mixed with Japan's Nikkei giving up gains as investors snapped up profits on recent climbers, prompted by a slump in Chinese equities after China raised reserve requirements for banks.

COMMODITY PRICE MOVES

* Oil slipped on Monday while the dollar strengthened and equities faltered as OPEC said the market was well supplied and inventories should build in the first half of the year. [O/R]

* Gold steadied around $1,360 an ounce on Monday, stabilizing after posting a second successive weekly fall last week, as a stronger dollar tempered some of the gains made from consumer demand for bullion. [GOL/]

* Base metals fell on Monday as hopes for quick action from European policymakers to boost a euro zone rescue fund faded, while the physical market was quiet ahead of the Lunar New Year. [MET/L]   Continued...