CANADA STOCKS-TSX may open higher on Europe hopes, U.S earnings

Fri Jul 22, 2011 8:41am EDT
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July 22 (Reuters) - Toronto's main stock index looked set to open higher on Friday, buoyed by some positive earnings from U.S. companies like General Electric and hopes a Greek rescue package will contain Europe's debt crisis.


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

* U.S. stock index futures were little changed on Friday as Caterpillar's profit missed estimates, offsetting a strong report from GE and an agreement on a Greece rescue package. [.N]

* European shares rose for a fourth day after Greece's new rescue package buoyed banking stocks and strategists said low price-earnings multiples could underpin the market longer-term despite residual unease about euro zone debt levels. [.EU]

* Markets in Asia were up with Tokyo stocks climbing to a two-week high led by banks that jumped on Morgan Stanley's strong results.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.34 percent in early trade.

* Oil rose to just under $118 as Europe's latest attempts to resolve the debt crisis and signs of progress on a U.S. deficit reduction deal offset weak economic data from the world's second-largest oil consumer, China. [O/R]   Continued...