CANADA STOCKS-TSX may open lower, ECB meeting eyed

Wed Sep 5, 2012 8:28am EDT
 
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Sep 5 (Reuters) - Toronto's main stock index looked set to open lower on Wednesday, ahead of a European Central Bank meeting on Thursday, weighed by a string of weak macro data that showed the euro zone is likely to have slipped back into recession in the current quarter.

TOP STORIES

* The euro zone probably slipped back into recession in the current quarter, according to business surveys that also showed Asia's services sector growth remained muted in August as the global economy struggled to get its footing.

* The U.S. Justice Department is ramping up its rhetoric against BP PLC for the massive 2010 oil spill in the Gulf of Mexico, describing in new court papers examples of what it calls "gross negligence and willful misconduct."

* Canadian property and casualty insurer Intact Financial Corp said summer storms are likely to cost it C$110 million to C$130 million in after-tax damages, net of reinsurance.

* A German government bond failed to attract bids worth the amount offered at its launch -- only the second such failure this year -- as expectations of ECB action and competing supply hit demand.

MARKET SNAPSHOT   Continued...