CANADA STOCKS-TSX may open higher, buoyed by U.S. earnings

Thu Jul 14, 2011 8:19am EDT
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July 14 (Reuters) - Toronto's main stock index looked set to open higher on Thursday, taking its cue from its U.S. counterpart, as stronger results from JPMorgan Chase JPM.N improved investor sentiment towards the financial sector.


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

* S&P 500 stock index futures briefly edged higher after JPMorgan Chase JPM.N reported earnings, but concerns over sovereign debt issues in Europe and U.S. budget talks meant gains were short lived. [.N]

* European shares fell after Moody's warned the United States may lose its top credit rating if politicians fail to agree an increase in the borrowing limit, and after Italian bond yields soared following an auction. [.EU]


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.15 percent in early trade.

* U.S. crude turned positive as the dollar weakened further, while ICE Brent slipped ahead of its expiry and on concerns over further global economic slowdown. [O/R]

* Gold prices hit record highs for a second day after hints of further policy easing from the Federal Reserve and a Moody's warning the United States may lose its top-notch credit rating hurt the dollar and sparked buying of safe-haven assets. [GOL/]   Continued...