CANADA STOCKS-TSX set to open lower on global growth outlook

Tue Oct 9, 2012 8:43am EDT
 
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Oct 9 (Reuters) - Canada's main stock index looked set to open lower on Tuesday after a long weekend, playing catch up with a decline in global equity markets on Monday, as the IMF cut its projected global output for 2012 for the second time since April.

Toronto's stock market was closed on Monday for Canadian Thanksgiving. World shares and oil prices fell on Monday on worries about dim growth prospects for the global economy.

TOP STORIES

* The IMF said the global economic slowdown is worsening as it cut its growth forecasts for the second time since April and warned U.S. and European policymakers that failure to fix their economic ills would prolong the slump.

* German Chancellor Angela Merkel flew to the heart of Europe's debt crisis, braving protests by angry Greeks to take a message of support -- but no new money -- to a near-bankrupt nation fighting to stay in the euro.

* Liquidity eased slightly in China's money markets following a large cash injection of 265 billion yuan by the central bank, but traders remained cautious about lending at tenors longer than one day.

* The euro zone economy faces a long, uphill road to recovery and the bloc is still suffering from a crisis of confidence, European Central Bank President Mario Draghi said.

* Euro zone finance ministers believe that Spain's budget cuts should take into account its weak economy, Spain's economy minister said, adding Madrid would work to limit economic recession.   Continued...