CANADA STOCKS-TSX may open lower, BoC rate decision eyed

Wed Jan 22, 2014 8:32am EST
 
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Jan 22 (Reuters) - Canada's main stock index looked set to extend previous session's losses on Wednesday as investors turn cautious ahead of the Bank of Canada's rate decision. However, losses could be capped after the International Monetary Fund's upgrade of world forecasts lifted sentiment.

TOP STORIES

* United Technologies Corp, the world's largest maker of elevators and air conditioners, reported a rise in fourth-quarter profit that topped Wall Street estimates, helped by stronger performances across its businesses.

* British unemployment plunged to within a whisker of the Bank of England's level for considering an increase in interest rates, data showed, but the central bank stressed it would be in no rush to act.

* Coach Inc said sales in North America fell further in the final quarter of 2013 as it lost share in the handbag business to fast-growing rivals such as Michael Kors Holdings Ltd and kate spade.

* Textron Inc, the maker of Cessna aircraft and Bell helicopters, reported a 17 percent rise in quarterly profit as sales of its Citation business jets picked up after five straight quarters of decline.

* Mohamed El-Erian, heir apparent to Pimco co-founder Bill Gross, will step down as chief executive and co-chief investment officer, raising questions about the future course of Pacific Investment Management Co, the world's largest bond fund manager.

* IBM Corp missed revenue expectations for the fourth consecutive quarter as the world's biggest technology services company grappled with weakening demand for its servers and storage equipment, particularly in growth markets like China.

MARKET SNAPSHOT   Continued...