CANADA STOCKS-TSX may open higher, Spain in focus

Wed Oct 3, 2012 8:22am EDT
 
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Oct 3 (Reuters) - Canada's main stock index looked set to open higher on Wednesday, extending gains from the previous session on hopes of a request from Spain for a bailout, though weak economic data from China and Europe might keep a lid on gains.

TOP STORIES

* Dwindling new orders and faster layoffs marked a worsening decline for euro zone companies last month, according to business surveys that dent hopes the economy will return to growth before 2013.

* China's normally robust services sector weakened sharply in September to its lowest point since November 2010, as slow growth in manufacturing finally began to feed through to the rest of the economy, an official survey showed.

* Cable and media company Quebecor Inc bought back 30.5 million shares of unit Quebecor Media Inc from Canadian pension fund Caisse de depot et placement du Quebec for C$1.5 billion.

* Spain's corporate tax take has tumbled by almost two thirds from pre-crisis levels as small businesses fail and a growing number of big corporations seek profits abroad to compensate for the prolonged downturn at home.

MARKET SNAPSHOT

* Canada stock futures traded up 0.16 percent

* U.S. stock futures , , were up around 0.01 percent to 0.08 percent   Continued...