CANADA STOCKS-Higher resources may lift TSX; banks could drag

Thu May 27, 2010 8:56am EDT
 
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May 27 (Reuters) - Toronto's resource-heavy index could open higher on Thursday, helped by rising commodity prices and a rebound in global equity markets, but results by Canadian banks could limit the gains.

Profits at three big Canadian banks rose but came in short of lofty expectations as trading headwinds, the strong currency and taxes took the shine from improving loan losses. [ID:nN27201801]

But elsewhere, the euro and European shares pushed higher after China denied a report it was looking to cut its euro zone sovereign debt holdings. [MKTS/GLOB]

U.S. stock index futures pointed to a higher open after China denied the report. [.N]

Here is some news that could affect stock prices:

RBC PROFIT MISSES ESTIMATES

Royal Bank of Canada (RY.TO: Quote) reported a lower-than-expected quarterly profit on Thursday as the strong Canadian dollar ate into revenue and loan losses edged up from the previous quarter. [ID:nN26226162]

CIBC PROFIT MISSES EXPECTATIONS

Canadian Imperial Bank of Commerce (CM.TO: Quote) on Thursday posted a lower-than-expected quarterly profit. [ID:nN26263872]   Continued...