CANADA STOCKS-TSX may open up on commodities, US$

Fri May 29, 2009 8:08am EDT
 
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TORONTO May 29 (Reuters) - Toronto's main stock market index could open higher on Friday on rising commodity prices and the falling U.S. dollar, while investors study the latest results from Royal Bank of Canada (RY.TO: Quote).

Investors will also take time to digest a raft of U.S. economic data that is expected paint a better picture on how the economy is faring.

Toronto's main stock market index climbed 2.5 percent on Thursday as energy shares climbed in tandem with oil prices and financial shares gained as results from some of Canada's big banks topped market expectations.

Four Canadian banks reported results on Thursday that were stronger than expected, even as they set aside more money to cover bad loans. [ID:nN28311974]

Royal Bank of Canada RBC.TO reported a second-quarter loss on Friday, reflecting a previously announced C$1 billion ($909 million) writedown for a drop in the value of the bank's U.S. assets and a rise in provisions for bad loans. [N25399893]

Here are some of the stories that may affect the market:

GOLD JUMPS ABOVE $970/OZ AS DOLLAR WEAKENS

Gold rallied through $970 an ounce for the first time since February in Europe on Friday as traders bought the metal as a hedge against weakness in the dollar. [nLT268826]

DOLLAR TUMBLES TO 5-MONTH LOW, YEN FALLS   Continued...