CANADA STOCKS-TSX may open higher, central banks eyed for action

Thu Aug 9, 2012 8:54am EDT
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Aug 9 (Reuters) - Canada's main stock index looked set to edge up at the open on Thursday as soft economic data from world's second biggest economy, China, kept hopes alive of action from major central banks to support declining global growth.


* China's factory output growth slowed unexpectedly in July to its weakest in more than three years, underlining stiff global headwinds that may prompt policymakers to take more action to keep growth on track to meet a 7.5 percent annual target.

* The European Central Bank is determined to bring down the excessive borrowing costs hurting Spain and Italy and should be ready to intervene decisively in bond markets very soon, ECB governing council member Christian Noyer said on Thursday.

* Bombardier Inc reported a 14 percent fall in second-quarter profit on lower revenue in its train division.

* Tim Hortons Inc , Canada's largest restaurant chain, said its profit rose 13 percent in the second quarter as it benefited from strong U.S. sales.

* Manulife Financial Corp fell to a second-quarter loss as weak financial markets forced the company to take a C$677 million ($680.4 million) charge to revalue long-term investment assumptions, but the result beat analysts' expectations.

* Canadian Natural Resources Ltd reported a 19 percent fall in second-quarter net profit on lower oil and gas prices, and further cut spending on natural gas.

MARKET SNAPSHOT   Continued...