CANADA STOCKS-TSX may open higher on upbeat China data

Wed Oct 24, 2012 8:26am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

Oct 24 (Reuters) - Toronto's main stock index looked set to open higher on Wednesday as encouraging Chinese data eclipsed worries about weak corporate earnings and disappointing euro zone data.


* China's economy is making a slow, steady recovery from its weakest period of growth in three years, a survey of purchasing managers signaled on Wednesday, with new orders and output at their highest in months.

* The U.S. Federal Reserve appears intent to stick to its bond-buying stimulus, having already indicated it would take more than a modest show of economic strength for policymakers to begin taking their foot off the gas.

* Teck Resources Inc, Canada's largest diversified miner, reported a 78 percent fall in quarterly profit attributable to shareholders due to lower coal and metal prices, and it cut capital spending target for the year.

* Encana Corp, Canada's largest gas producer, posted a third-quarter loss as it recorded a $1.19 billion after-tax impairment charge related to a fall in natural gas prices.

* Canadian Pacific reported a 20 percent increase in third-quarter profit as freight revenue increased.

* Rogers Communications Inc, Canada's largest mobile phone company, reported higher adjusted profit on Wednesday, as new smartphone subscribers boosted wireless revenue.   Continued...