CANADA STOCKS-TSX may open higher on Fed hopes, China rate cut

Thu Jun 7, 2012 8:45am EDT
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June 7 (Reuters) - Toronto's main stock index looked set to open higher on Thursday, on investor hopes U.S. Federal Reserve Chairman Ben Bernanke could hint at more monetary stimulus and after the Chinese central bank cut benchmark deposit and lending rates.


* China's central bank cut benchmark interest rates by 25 basis points in a surprise move to shore up slackening economic growth, its first rate cut since the depths of the 2008/09 financial crisis.

* Spain showed that it can still access the credit markets at an affordable but rising cost against a backdrop of feverish behind-the-scenes planning for a likely European rescue of its debt-stricken banks.

* The Federal Reserve's second-highest official on Wednesday laid out the case for the U.S. central bank to provide more support to a fragile economy as financial turmoil in Europe mounts.

* Yogawear retailer Lululemon Athletica Inc : reported higher first-quarter profit, but said growth in same-store sales would slow, sending its shares down in premarket trading.

* Fertilizer producer and retailer Agrium Inc : more than doubled its semi-annual dividend to 50 cents per share.

MARKET SNAPSHOT   Continued...