CANADA STOCKS-TSX may open lower on China growth, Greek worries

Fri May 11, 2012 8:21am EDT
 
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May 11 (Reuters) - Toronto's main stock index looked set to open lower on Friday, tracking global markets, after JP Morgan's $2 billion loss hurt financial stocks and disappointing Chinese industrial data raised worries about a steeper slowdown in the world's second-largest economy.

TOP STORIES

* JPMorgan Chase & Co, the biggest U.S. bank by assets, said it suffered a trading loss of at least $2 billion from a failed hedging strategy, a shock disclosure that hit financial stocks and the reputation of the bank and its CEO, Jamie Dimon.

* China's economy stuttered unexpectedly in April with lower-than-expected output data, softening retail sales and easing prices suggesting economic headwinds might be stiffer than thought, requiring more robust policy responses to counter them.

* The leaders of Greece's once-dominant political parties made a last push on Friday to form a coalition and avert a new election, which a poll showed would all but wipe them out and give victory to a radical leftist who rejects an EU bailout.

* TMX Group Inc, operator of the Toronto Stock Exchange, reported a 10 percent fall in quarterly profit as revenue from its listing business halved and economic uncertainty weighed on its equity trading business.

MARKET SNAPSHOT

* Canada stock futures traded down 0.54 percent   Continued...