CANADA STOCKS-TSX may open higher on FOMC minutes

Thu Aug 23, 2012 8:05am EDT
 
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Aug 23 (Reuters) - Canada's resource heavy index looked set to open higher after minutes of the latest Federal Reserve meeting indicated central bank might be ready for third round of stimulus "fairly soon" prompted an optimistic tone that outweighed poor economic data from China and Europe.

TOP STORIES

* The Federal Reserve is likely to deliver another round of monetary stimulus "fairly soon" unless the economy improves considerably, minutes from the U.S. central bank's latest meeting suggested.

* China's manufacturing sector contracted at its sharpest pace in nine months in August, according to a survey showing falling export orders and rising inventories, a signal that more policy stimulus may be needed to engineer a second half pick-up in growth.

* German Chancellor Angela Merkel and French President Francois Hollande will present a united front toward Greece at talks on Thursday, telling Athens not to expect leeway on its bailout agreement unless it sticks to its terms.

* The European Central Bank is considering setting a yield target on purchases under a new bond-buying plan, but without making the target levels public, central bank sources told Reuters.

* PetroChina , the country's dominant oil and gas producer which also owns refineries, posted a drop of more than a fifth in its quarterly earnings, hit by lower crude oil prices and refining and chemicals losses.

MARKET SNAPSHOT

* Canada stock futures traded up 0.32 percent   Continued...