CANADA STOCKS-TSX set to open lower on euro zone debt concerns

Tue May 24, 2011 8:34am EDT
 
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May 24 (Reuters) - Toronto's main stock index looked set to opener lower on Tuesday as the market, which was closed on Monday, plays catch up with sharp declines in major markets earlier this week.

Investor concerns about the euro zone's ongoing debt problems are also expected to weigh, with new warnings about contagion fueling fears the crisis is heading for a new, more dangerous phase.

FACTORS TO WATCH

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

* U.S. stock index futures rose with higher oil prices leading a rebound from a steep sell-off in the previous session that sent stocks to their lowest close in a month. [.N]

* European shares rose led by the mining sector after base metal prices gained, with copper higher as Goldman Sachs said that it expected Chinese purchases to pick up in the coming months. [.EU]

* Asian stocks were mostly steady with Nikkei average edging higher after hitting a fresh five-week low, helped by climbs in Sony Corp and construction machinery shares.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.84 percent in early trade.   Continued...