CANADA STOCKS-TSX may rise at open with oil near two-year high

Wed Dec 29, 2010 8:44am EST
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Dec 29 (Reuters) - Toronto's main stock index looked set to open higher on Wednesday, buoyed by firm oil, gold and copper prices and Nunavut Iron Ore's increased bid for Baffinland Iron Mines BIM.TO.


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

* U.S. stock index futures rose, indicating stocks were poised to extend a December rally as investors remained optimistic the global economic rebound will continue in 2011. [.N]

* European equities nudged higher in holiday-thinned trade, with heavyweight Skanska pushing construction shares to the top of the gainers' list after saying it was selling its stake in a Chilean highway concession. [.EU]

* Asian shares rose, with Japan's Nikkei maintaining a fourth quarter rally as investors hunted bargains in one of the developed world's cheapest markets.


* Oil steadied near a two-year high above $91 a barrel ahead of U.S. inventory data expected to show a drawdown in crude and distillate stocks due to severe weather in the world's largest oil user. [O/R]

* Gold steadied around two-week highs above $1,400 an ounce, closing in on a tenth consecutive yearly gain after another batch of U.S. data cast doubt on the economic outlook and weakened the dollar. [GOL/]   Continued...