CANADA STOCKS-TSX may open lower on weaker oil

Mon Jul 26, 2010 8:53am EDT
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July 26 (Reuters) - Toronto's main stock index could open lower Monday as a tropical storm in the Gulf of Mexico faded, sending oil prices down.

Canadian equity futures pointed to a slightly lower open <0#SXF:>. The Reuters-Jefferies CRB index .CRB, a global commodities benchmark, was also down 0.17 percent in early trade.

Wall Street is also set for a lower start as investors take a breather following last week's strong gains, as cautiousness prevailed ahead new home sales data. [.N]

Pharmaceutical stocks are expected to be in the spotlight after the Wall Street Journal reported GlaxoSmithKline (GSK.N: Quote) made a casual approach to Genzyme asking to be notified if Genzyme considered selling itself.

European stocks dipped led by drugmakers, eclipsing gains in most banking stocks.

Most Asian markets rose on profit-taking and as investors expect looser Chinese economic policies this year.

Here is some news that could affect Canadian stock prices:


Oil fell moderately on Monday as Tropical Storm Bonnie faded over the Gulf of Mexico, but trading was cautious ahead of U.S. economic and corporate earnings data. [O/R]   Continued...