Source: The Canadian Press

The Toronto stock market likely headed for a lower opening on Tuesday as worries about overseas debt boosted the American currency and helped to depress commodity prices.

New York futures also pointed to a negative start to the session as investors worry over whether a US$144 billion bailout package for Greece will be approved by the 15 other European Union members .

The cost of the Greek bailout package to EU members could make it harder for the European Union to rescue other countries that might face similar debt woes.

The Dow Jones industrial futures moved down 69 points to 11,033, the Nasdaq futures fell 16 points to 2,011 while the S&P 500 futures dropped 9.1 points to 1,189.5.

The euro again fell against the dollar as traders avoid the currency used by 16 EU members, including Greece. The euro hit its lowest level in a year.

The Canadian dollar was also under pressure, falling 0.76 of a cent to 98.19 cents US.

Expectations of a buildup in inventories also pushed oil prices below US$85. The June crude contract on the New York Mercantile Exchange backed off $1.37 to US$84.83 a barrel.

Oil touched an 18-month high of US$87.15 a barrel Monday, and has jumped about 23% since February on investor expectations that a growing U.S. and global economy will boost demand.

But U.S. crude inventories have risen in recent weeks and likely gained another 1.5 million barrels last week, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The Energy Department’s Energy Information Administration is scheduled to release last week’s supply data Wednesday.

In Canada’s oilpatch, Suncor Energy Inc. (TSX:SU) reported a big first quarter profit Tuesday as Canada’s largest energy company benefited from higher energy prices and its 2009 takeover of Petro-Canada. The company earned $716 million, or 46 cents a share for the three months ended March 31. That compared with a net loss of $189 million or 20 cents a share for the first quarter of 2009.

Meanwhile, the June bullion contract on the Nymex gained $3.60 to US$1,186.90 an ounce while July copper in New York declined four cents to US$3.25 a pound.

On the economic front, there are no releases in Canada. But investors will take in a couple of major reports from the U.S.

A Commerce Department is expected to show factory orders fell in March because of a drop in commercial aircraft orders. Economists polled by Thomson Reuters, on average, forecast orders fell 0.1% in March.

Excluding the volatile transportation sector orders likely rose by 2.8%, the biggest gain since December 2007.

And the National Association of Realtors’ pending home sales index likely jumped to 101.5 in March from 97.6 a month earlier. The index likely received a boost as home buyers rushed in recent months to cash in on a tax credit that expired last week.

In other earnings news, WestJet Airlines Ltd. (TSX:WJA) said it earned $13.8 million or 10 cents per diluted share in the first quarter on revenue of $619.8 million.

News and information giant Thomson Reuters (TSX:TRI) reported that its net income was US$134 million or 15 cents per share in the first quarter with US$3.14 billion of revenue. The profit was down $59 million from US$193 million in the first quarter of 2009, including discontinued operations. Revenue during the first quarter of 2009 was about $3.13 billion.

Thomson Reuters added that it continues to expect 2010 annual revenue will be flat or slightly below last year’s.

Molson Coors (NYSE:TAP, TSX:TPX.B) said its first-quarter profit climbed 38% to US$104.6 million on a tax-related gain. But consumers bought less of its beer and costs rose, causing adjusted results to miss analyst expectations.

Overseas, Asian stocks were mostly lower Tuesday on investor concerns that Chinese moves to slow a soaring property market will undermine economic growth.

China’s benchmark index in Shanghai led decliners, falling 1.5%, while Taiwan’s market dropped 0.3% and Australia’s index retreated 1%.

Elsewhere, Hong Kong’s Hang Seng was down 0.3%.

Markets in Japan were closed for a holiday while China’s markets were closed Monday.

London’s FTSE 100 index moved back 1.32%. Britain’s main index was dragged down by BP PLC. Investors are concerned about the costs the oil company will face from an oil spill in the Gulf of Mexico.

Frankfurt’s DAX declined 1.16% while the Paris CAC 40 moved down 1.94%.

@page_break@