CANADA STOCKS-TSX may edge higher at open, commodities weigh

Tue Apr 26, 2011 8:28am EDT
 
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April 26 (Reuters) - Toronto's main stock index looked set to open slightly higher on Tuesday, with hopes for stronger North American corporate earnings offsetting a dip in gold, silver and some other commodity prices.

FACTORS TO WATCH

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

* U.S. stock index futures rose ahead of a big day for corporate earnings that includes bellwethers like Amazon.com, Ford, UPS and 3M Company. [.N]

* European shares bounced back to a two-week high, with financials gaining the most after UBS reported results, gains were however capped by weaker miners on sharply lower metals prices. [.EU]

* Asian shares pulled back from recent three-year highs with Japan's Nikkei falling at a one-week low, losing 1.2 percent as exporters were hit by a stronger yen in thin trade ahead of corporate earnings announcements.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.08 percent in early trade.

* Oil edged up from earlier losses in low trading volumes as some investors took advantage of the dip to buy, though gains were limited ahead of a closely watched U.S. Federal Reserve policy meeting. [O/R]   Continued...