CANADA STOCKS-TSX could open down on weak U.S. profits
TORONTO, April 21 (Reuters) - Toronto's main stock index could open lower on Tuesday as concern about U.S. corporate earnings weighs on sentiment, but firm commodity prices could help cushion the drop in the resource-heavy index.
The tone could also be influenced by the Bank of Canada's interest rate announcement at 9:00 a.m. (1300 GMT), which will be accompanied by a statement that may mention quantitative or credit easing. [ID:nN16520541] and [ID:nTOR004441]
Concerns about corporate profits in the United States, and the potential for domestic firms to follow with similar gloomy news, were renewed after Bank of New York Mellon Corp BK.N and chemical maker Dupont DD.N reported lower quarterly profits. [ID:nN21414260] and [ID:nN21442737]
The S&P/TSX composite index .GSPTSE is coming off a skid of 3 percent in Monday's session as investors fled the market given a sharp drop in the price of oil and concerns over the vitality of U.S. banks.
Here is some of the news that may affect the index:
OIL CRAWLS FIRMER AFTER FALL, UNDER $46
Oil edged firmer, steadying below $46 barrel on Tuesday, pausing after an almost 9 percent fall a day earlier as traders awaited more clues on demand from U.S. economic, corporate and oil inventory data. [ID:nSP465475]
GOLD FIRMS ON HAVEN APPEAL, EQUITIES EYED
Gold rose on Tuesday as fears over the health of the U.S. banking sector boosted its safe-haven appeal, with traders eyeing the stock markets for direction. [ID:nLL15416] Continued...