CANADA STOCKS-TSX set to open higher on rising commodity prices

Thu Nov 18, 2010 8:52am EST
 
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Nov 18 (Reuters) - Toronto's resource-heavy main stock index looked set to open higher on Thursday, buoyed by rising commodity prices and hopes Ireland may soon see a solution to debt problems which have hurt financial market sentiment.

FACTORS TO WATCH

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

* U.S. stock index futures held gains after the government said new U.S. claims for unemployment benefits rose slightly last week. [.N]

* European stocks rallied, turning positive on the week as hopes of a solution to Ireland's debt crisis and results from a Spanish debt auction soothed investors' fears over euro zone sovereign debt. [.EU]

* Asian shares rebounded after an eight-day sell-off with Japan's Nikkei rising more than 2 percent to close above 10,000 for the first time since late June on falling yen.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 1.49 percent in early trade.

* Oil retraced part of a steep four-session drop as worries about Ireland's debt crisis eased and a sharp crude inventory drawdown in top consumer the United States propped up prices. [O/R]   Continued...