CANADA STOCKS-TSX set to open higher after commodity bounce

Wed Jan 26, 2011 8:28am EST
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Jan 26 (Reuters) - Canada's resource-heavy stock market looked set to open higher on Wednesday as commodity prices climbed after a promise of spending cuts from U.S. President Barack Obama cemented expectations the Fed will retain faith in its ultra-loose policy.


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

* U.S. stock index futures edged higher, hours after U.S. President Barack Obama called for a lower corporate tax rate to boost the economy, but a drop in Boeing's profit limited gains. [.N]

* European shares rose as confidence was boosted by U.S. President Barack Obama's plans to lower corporate tax rates, with the positive tone also helped by strength in carmakers on merger and acquisition hopes. [.EU]

* Japan's Nikkei average dropped 0.6 percent, with resource shares losing ground after a rate hike in India and a contraction in Britain's economy led to a pull-back in commodities prices.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.58 percent in early trade.

* Oil prices bounced higher after two days of losses as the dollar fell to 10-week lows ahead of a U.S. Federal Reserve statement expected to focus on positive economic prospects for the world's top oil consumer. [O/R]   Continued...