Toronto stock market aims for positive start on oil prices, manufacturing data

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TORONTO - The Toronto stock market will likely move slightly higher in early trading Tuesday, buoyed by slightly stronger oil prices and the implications of better manufacturing data in the United States.

The Canadian dollar gained 0.10 of a cent to 101.86 cents US.

On Wall Street, Dow futures were up 47 points to 13,484. The broader S&P 500 futures were eight points higher at 1,445, while the Nasdaq futures rose 13 points to 2,801.

The monthly U.S. manufacturing survey from the Institute for Supply Management on Monday pointed to an improvement. Its main index rose sharply to above 50, a reading that signals growth. The index had been below 50 from June through August.

Hopes that the U.S. is back in recovery mode has helped stocks start the month on a relative high. The closely watched monthly U.S. jobs report comes out Friday.

In commodities, November crude on the New York Mercantile Exchange moved up 15 cents to US$92.63 a barrel.

December gold bullion fell $4.10 to US$1,779.20 an ounce, while December copper was down nearly one cent at US$3.75 a pound.

In corporate developments, CML HealthCare Inc. (TSX:CLC) it is selling its diagnostic imaging business in Alberta to Canada Diagnostic Centres for $17 million.

In Europe, traders are focused on a potential bailout request from Spain that could happen soon. And Greece's government is in talks with its debt inspectors over the latest batch of austerity measures. If the inspectors refuse to sign off on the measures, Greece faces the prospect of not getting its next batch of bailout funds, a development that may lead to its exit from the euro.

In Europe, the FTSE 100 index was up 0.1 per cent at 5,827 while Germany's DAX rose 0.3 per cent to 7,346. The CAC-40 in France was steady at 3,434.

Earlier, Asian trading was subdued as markets in Hong Kong, mainland China and India were closed for public holidays. Japan's Nikkei 225 index shed morning gains to close 0.1 per cent lower at 8,786.05, but Australia's S&P/ASX 200 gained one per cent to 4,433 after the country's central bank cut its benchmark interest rate by a quarter percentage point.

Organizations: Institute for Supply Management, New York Mercantile Exchange, CML HealthCare TSX Canada Diagnostic Centres FTSE 100

Geographic location: Toronto, United States, Europe Greece Alberta Spain Germany France Hong Kong China India Japan Australia

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