CANADA STOCKS-TSX may extend gains on optimism over Europe

Fri Aug 17, 2012 8:09am EDT
 
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Aug 17 (Reuters) - Canada's main stock index looked set to open higher on Friday, extending gains from the previous session, after German Chancellor Angela Merkel said she supported the European Central Bank's efforts to resolve the debt crisis.

TOP STORIES

* Canadian inflation is forecast to have remained tame in July, with the annual core rate coming in right on the Bank of Canada's 2 percent target, and likely having little influence on its early September interest rate decision.

* Trade volumes for the euro zone rose in the first half of the year, the EU statistics office said on Friday, underlining the area's dependence on external sources of growth as economic activity within the zone stagnates.

* German Chancellor Angela Merkel voiced support for ECB President Mario Draghi's crisis-fighting strategy on Thursday and pressed her European partners to move swiftly towards a closer integration of fiscal policies, saying time was running short.

* Top officials at two of the Federal Reserve's most hawkish regional banks weighed in against further monetary policy easing, and a third on Thursday suggested the Fed may not need to wait until late 2014 before raising interest rates.

MARKET SNAPSHOT

* Canada stock futures traded up 0.13 percent

* U.S. stock futures , , were mixed in the range of -0.08 percent to +0.1 percent   Continued...