CANADA STOCKS-TSX may open higher on stronger commodity prices

Fri May 27, 2011 8:28am EDT
 
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May 27 (Reuters) - Toronto's main stock index looked set to open higher on Friday, helped by stronger commodity prices, even after the country's largest lender, Royal Bank of Canada RY.TO, reported weaker-than-expected earnings.

FACTORS TO WATCH

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

* U.S. stock index futures were little changed, with investors cautious before a long holiday weekend and economic data on pending home sales and consumer sentiment that could give the market direction. [.N]

* Royal Bank of Canada RY.TO: The bank reported a 13 percent increase in quarterly profit and raised its dividend, but the results came in slightly below expectations. [ID:nN27293256]

* Gains in heavyweight banks lifted European stocks on a report that lenders could evade part of the Basel III capital requirements, while technical indicators pointed to further short-term gains for equities. [.EU]

* Markets in Asia were largely higher, but with an exception to Nikkei, which fell for its third straight week of losses, pulled lower by a drop in Sony Corp shares after the electronic giant's earnings outlook undershot analyst forecasts.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.52 percent in early trade.   Continued...