CANADA STOCKS-TSX may open higher as earnings hopes rise

Tue Jul 21, 2009 8:37am EDT
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TORONTO, July 21 (Reuters) - Toronto's main stock market index could open higher on Tuesday, as steady commodity prices and investors' optimism about this quarter's earning results could boost the resource-heavy index.

World stocks approached a 9-month high while emerging stocks hit a 2009 peak as investors anticipated upward surprises from earnings results due later given a run of strong reports over the past week. [ID:nLL409840]

U.S. stock index futures jumped on Tuesday after machinery maker and bellwether Caterpillar Inc (CAT.N: Quote) shares jumped more than 9 percent in early trade following strong quarterly results. [.N]

On Monday the S&P/TSX composite index .GSPTSE closed up 171.29 points at 10,540.71 for its sixth-straight winning session.

Here is some news that could affect the market:


Research In Motion Ltd said on Monday Nortel Networks had effectively blocked the BlackBerry maker from bidding potentially $1.1 billion for the bankrupt Canadian company's wireless business. [ID:N20134234]


Oil edged above $64 a barrel on Tuesday, supported by climbing equities markets, but sapped by forecasts the next figures on U.S. supply and demand would show stocks of refined products have risen again. [ID:SIN115579]   Continued...