CANADA STOCKS-TSX looks set to open higher on oil, Fed rates

Thu Apr 29, 2010 8:48am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

April 29 (Reuters) - Toronto's main stock index could open higher on Thursday as oil prices reverse early losses on encouraging signs of buoyant U.S. fuel demand, shrugging off credit rating downgrades for southern European countries.

European stocks rose, however investor were cautious after S&P on Wednesday downgraded fourth-largest euro zone economy Spain by one-notch to AA.

Wall Street is also poised for a higher open, looking to add to previous session's gains after the Federal Reserve pledged to keep rates low for an extended period. [.N]

Investors will be closely watching U.S. weekly jobless claims as well as bellwether Exxon Mobil XOM.N, whose profit rose 38 percent. Technology stocks will be in focus after Hewlett-Packard Co HPQ.N said it will buy Palm Inc PALM.O.

Bank of Canada Governor Mark Carney is expected to testify to the Senate Standing Committee on Banking, Trade and Commerce.

Most Asian markets were down, while Japanese markets were closed for the start of the country's long Golden Week holiday.

Here is some news that could affect stock prices:

OIL UP ON DEMAND

Oil rose above $84 on Thursday on encouraging signs of buoyant U.S. fuel demand, shrugging off credit rating downgrades of Greece, Spain and Portugal. [O/R]   Continued...