CANADA STOCKS-TSX set for sharp fall as Fed, China worries drag

Mon Jun 24, 2013 8:25am EDT
 
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June 24 (Reuters) - Canada's main stock index looked set to open sharply lower on Monday as markets were pulled down by worries surrounding China's banking sector and the U.S. Federal Reserve's suggestion that it could begin scaling back its monetary stimulus later this year.

TOP STORIES

* Fears of a credit crunch in China's banking system eased as short-term interest rates fell, and the central bank said there were sufficient funds in the market but banks needed to improve their cash management and control their lending.

* Vodafone has agreed to buy Germany's largest cable operator Kabel Deutschland for 7.7 billion euros, betting on TV and fixed-line services in its biggest deal since 2007.

* U.S. hospital operator Tenet Healthcare Corp will buy smaller rival Vanguard Health Systems Inc for $4.3 billion including debt to expand into new geographies.

* Barrick Gold Corp will lay off up to a third of its corporate staff at its headquarters in Toronto and other offices, sources said, as the world's top bullion producer intensifies a downsizing plan amid a slump in the price of gold.

* China's Sinopec Group has agreed to buy Marathon Oil Corp's Angolan offshore oil and gas field for $1.52 billion, Asia's largest refiner producer said.

MARKET SNAPSHOT

* Canada stock futures traded down 0.72 percent   Continued...