CANADA STOCKS-TSX may open lower, U.S. budget fight looms

Thu Jan 3, 2013 8:23am EST
 
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Jan 3 (Reuters) - Canada's main stock index looked set to open lower, mirroring Wall Street futures, as investors look ahead to negotiations on the U.S. debt limit and spending cuts, halting the gains that followed a deal to avoid sharp tax hikes.

TOP STORIES

* President Barack Obama and congressional Republicans face even bigger budget battles in the next two months after a hard-fought "fiscal cliff" deal narrowly averted devastating tax increases and spending cuts.

* A major pipeline expansion that aims to ease the bottleneck at Cushing, Oklahoma that has depressed U.S. crude prices should pump at full rates from the end of next week, the backers of the project said on Wednesday.

* Imperial Oil Ltd's Kearl oil sands project in northern Alberta could start commercial production in the coming weeks after a previous target was delayed from the end of December, a company spokesman said on Wednesday.

* Numbers of Germans out of work rose for the ninth month running in December but held close to a post-reunification low, adding to signs Europe's largest economy remains relatively unscathed by the region's crisis.

* Growth in China's increasingly important services sector accelerated in December at its fastest pace in four months, adding to signs of a modest year-end revival in the world's second-largest economy.

* British construction output contracted at the fastest rate in six months in December, driven by a steep reduction in house building, a survey showed.

MARKET SNAPSHOT   Continued...