CANADA STOCKS-TSX may open lower, Greece and China weigh

Mon May 14, 2012 8:37am EDT
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May 14 (Reuters) - Canada's resource heavy main stock index looked set to open lower on Monday, as the political impasse in Greece and signs China was struggling to shore up its economy cast a shadow on global growth prospects and hurt commodity prices.


* Greece's president met little enthusiasm from political leaders summoned to a final round of talks to avert a new election, reinforcing fears the country was firmly on the path to bankruptcy and an exit from the euro zone.

* China's central bank cut the amount of cash that banks must hold as reserves on Saturday, freeing an estimated 400 billion yuan ($63.5 billion) for lending to head-off the risk of a sudden slowdown in the world's second-largest economy.

* JP Morgan will move to limit the fallout from a shock trading loss that could reach $3 billion or more by parting company with three top executives involved in its costly failed hedging strategy, sources close to the matter said.

* The Australian uranium miner Paladin Energy Ltd said most local employees at its Kayelekera mine in Malawi, southeast Africa, went on strike on Friday demanding higher pay.

* Silver Wheaton Corp reported a 20 percent increase in first-quarter earnings, driven by increased output from mines with which the stream financing company has silver purchase agreements.