CANADA STOCKS-TSX may open higher on German Ifo survey

Fri Apr 20, 2012 9:04am EDT
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April 20 (Reuters) - Toronto's main stock index pointed to a higher open on Friday, tracking U.S. and European counterparts, after the influential German Ifo survey showed a surprise improvement in German business sentiment.


* Major emerging powers stood ready to pledge money to bolster the International Monetary Fund's crisis-fighting war chest, though Brazil was holding out for promises that their voting power at the global lender would increase.

* German business sentiment unexpectedly rose for the sixth month in a row in April in a sign that Europe's largest economy continues to outpace peers and shrug off persistent worries about the euro zone debt crisis.

* Canadian Pacific Railway Ltd, which is fighting a proxy battle with its biggest shareholder, said that first-quarter profits more than quadrupled and that a key efficiency measure strengthened.

* General Electric Co reported first-quarter profit that topped analysts' expectations, helped by strong sales of jet engines and energy equipment, as well as profit growth at its finance arm.

* Encana Corp said Japan's Toyota Tsusho Corp will buy a royalty interest in its southern Alberta natural gas field for C$602 million ($606.2 million) as depressed dry gas prices force the company to cut spending or look for partners.

MARKET SNAPSHOT   Continued...