CANADA STOCKS-TSX may open lower on Italy downgrade, Chinese data

Mon Mar 11, 2013 8:29am EDT
 
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March 11 (Reuters) - Toronto's main stock index looked set to open lower as Italy's credit rating downgrade and mixed Chinese data took the shine off last week's positive payroll data and gains from strong miners.

TOP STORIES

* China's uneven economic recovery signals a looming dilemma for policymakers as official data released at the weekend showed inflation at a 10-month high in February while factory output and consumer spending were weaker than forecast.

* Italy's economy contracted by 0.9 percent in the fourth quarter of last year, in line with a preliminary estimate, and gross domestic product was down a revised 2.8 percent year-on-year, data showed.

Separately, Ratings agency Fitch added to Italy's mounting problems on Friday by cutting its credit rating due to the political uncertainty after elections, deep recession and rising debt.

* Coal miner Walter Energy Inc, in the midst of a spat with a British hedge fund that is looking to replace half of its board, said it could further cut production at underperforming mines and explore the sale of non-core assets.

* Wall Street commodity revenues crashed last year to their lowest on record, as tighter regulation and limited price swings squeezed the once dominant traders of Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley.

* AT&T Inc is considering buying a 25 percent stake in India's Reliance Jio Infocomm Ltd, a telecommunications venture controlled by billionaire Mukesh Ambani, for $3.5 billion, the Times of India newspaper reported.   Continued...