CANADA STOCKS-TSX may open higher on commodity price rise

Tue May 18, 2010 8:38am EDT
 
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May 18 (Reuters) - Toronto's main stock index looked set to open higher on Tuesday, supported by rebound in commodity prices.

Across the border, Wall Street is also expected to open higher on cautious optimism as euro zone finance ministers are working on ironing out wrinkles in the 750 billion euro anti-contagion rescue plan. [.N]

European shares rose led by banks and commodity stocks.

Investors will keep an eye on economic data from both sides of border as well as company results from Wal-Mart (WMT.N: Quote) and Hewlett-Packard (HPQ.N: Quote). Home Depot (HD.N: Quote) profits topped Wall Street view.

Mostly Asia equities were up with China's stock index closing up more than one percent as property and banking stocks staged a technical rebound. Oil rose more than a dollar to around $71 a barrel, but high inventory levels and strength of the dollar were expected to limit gains.

Here is some news that could affect stock prices:

OIL REBOUNDS FROM 5-MONTH LOW

Oil struggled to rise more than a dollar to above $71 a barrel on Tuesday, recovering from a five-month low the previous session, but high inventory levels and the strength of the dollar were expected to limit gains. [O/R]

COPPER RISES, EURO ZONE CONCERNS REMAIN   Continued...