CANADA STOCKS-TSX set to open lower on global economic concerns

Wed Apr 17, 2013 8:39am EDT
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April 17(Reuters) - Canadian stock index futures were lower on Wednesday, dragged down by weaker commodity prices and global economic recovery concerns a day after the International Monetary Fund trimmed this year's world growth forecast.


* The Bank of Canada is seen as all but certain to hold rates steady at its policy announcement on Wednesday, but is expected to cut overly optimistic growth forecasts and possibly alter language about the need to raise rates.

* Bank of America Corp reported a lower-than-expected first-quarter profit and its revenue fell, sending the No. 2 U.S. bank's shares down 3 percent before the bell.

* Britain's biggest retailer, Tesco, wrote down the value of its global operations by $3.5 billion and announced plans to exit the United States, as it sought to rebuild after a year in which profit fell for the first time in two decades.

* BNY Mellon Corp said that first-quarter revenue fell 1 percent as the world's largest custody bank reported a loss due to a high-stakes tax battle with the U.S. Internal Revenue Service.

* Investment group IMIC is preparing a 147 million pounds offer for West Africa-focused miner Afferro, the biggest move yet in its strategy of building an Africa-orientated resources group.

* Intel Corp said its current-quarter revenue would decline as much as 8 percent and trimmed its 2013 capital spending plans, as personal computer sales drop due to the growing popularity of tablets and smartphones.   Continued...