The Canadian Press

The Toronto stock market appeared set for a higher open Monday as international markets moved higher after Abu Dhabi provided a surprise $10-billion bailout to Dubai to help with debt repayments.

The move helped ease investor fears that the emirate will default on its debt and signal a new round of broader credit problems. Dubai World was up against a Monday deadline to repay the loans.

The S&P/TSX composite index ended Friday 41 points lower to 11,423.93.

Meanwhile, the Canadian dollar moved back 0.45 of a cent to US93.90¢.

In the U.S., Citigroup Inc. said it will pay back $20 billion in bailout money it received as part of the government’s Troubled Asset Relief Program.

The New York-based bank was hardest hit by the credit crisis and rising loan defaults, receiving a total of $45 billion in government support. It only needs to pay back $20 billion because the remaining $25 billion was converted into a 34% ownership stake in the bank earlier this year.

Last week, Bank of America Corp. repaid the entire $45 billion it owed U.S. taxpayers as part of TARP.

Ahead of the opening bell, Dow Jones industrial average futures rose 46, or 0.4%, to 10,530. Standard & Poor’s 500 index futures rose 5.00, or 0.5%, to 1,108.20, while Nasdaq 100 index futures rose 8.50, or 0.5%, to 1,800.50.

In Canadian corporate news, TMX Group (TSX:X) announced it will distribute trading data across U.S. and Europe on NYSE network under new data technology and distribution agreement.

Kirkland Lake Gold Inc. (TSX:KGI) said a borehole collapse widened net losses to $10.3 million for the quarter ended Oct. 31, and weakened revenues to $6.9 million, from $8.8 million last year.

On Monday, U.S. financial stocks are likely to be under pressure despite the move by Citigroup, as President Obama meets with top executives of some of the nation’s biggest lenders.

Obama is asking bank executives to support his efforts to tighten the financial industry, but the meeting was shaping up to be a tense encounter after Obama’s description of bankers as “fat cats” in a “60 Minutes” interview broadcast Sunday.