CANADA STOCKS-TSX may open lower on Fed uncertainty, BMO results

Wed May 29, 2013 8:46am EDT
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May 29 (Reuters) - Toronto's main stock index looked set to open lower on Wednesday ahead of a Bank of Canada rate decision, as robust U.S. economic data led to speculation the U.S. Federal Reserve would soon begin tapering back its bond-buying program.

Shares of Bank of Montreal were also expected to weigh after the lender said its second-quarter net profit fell 5 percent, due to lower net interest margins in its Canadian business.


* The recession-hit euro zone will fall further behind a generally improving United States and a rebounding Japan this year, the OECD said on Wednesday, cutting its global growth forecasts.

* The International Monetary Fund cut its growth forecast for China this year to 7.75 percent from 8 percent, citing a weak world economy and exports, adding to concerns that the world's second-largest economy is losing momentum.

* China's Shuanghui Group has agreed to buy Smithfield Foods for around $5 billion in cash, a person with knowledge of the matter told Reuters.

* The number of Germans out of work jumped more than forecast in May on a seasonally adjusted basis due partly to bad weather but the unemployment rate remained close to its lowest level since Germany reunited more than two decades ago.