CANADA STOCKS-TSX may open higher in catch-up with Wall Street

Mon Jul 4, 2011 8:25am EDT
 
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July 4 (Reuters) - Toronto's main stock index looked set to open sharply higher on Monday, playing catch-up with strong gains in U.S. stocks on Friday, when Canadian markets were closed for a holiday.

U.S. stocks, which won't trade on Monday because of the holiday there, jumped more than 1 percent on Friday on strong manufacturing data that eased concerns about slowing growth. [.N]

FACTORS TO WATCH

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

* European share prices were flat and on course to snap a five-session rally after credit rating agency Standard & Poor's raised fresh concerns over private sector involvement in a second Greek bailout package, hitting banks sharply after a strong rally last week. [.EU]

* Asian markets were up after data pointed to a moderate slowdown in China's growth.

COMMODITY PRICE MOVES

* U.S. crude steadied, supported by firmer share markets, while Brent edged lower due mainly to a warning by credit agency S&P of a potential default by Greece. [O/R]

* Gold prices rose 0.5 percent in Europe, supported by a rebound in the euro versus the dollar, and as investors took advantage of the metal's dip to six-week lows last week to buy into the market. [GOL/]   Continued...