CANADA STOCKS-TSX set to open higher after Merkel comments

Wed May 16, 2012 9:01am EDT
 
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May 16 (Reuters) - Canada's resource heavy main stock index was set to open higher on Wednesday, after sinking to a seven-month low the previous session, after comments from German Chancellor Angela Merkel about keeping Greece in the euro zone encouraged investors.

TOP STORIES

* In an interview with CNBC, German Chancellor Angela Merkel reiterated that Germany wants Greece to stay in the euro, but warned that the country must play by the rules and honor its commitments.

* Greece's president spoke of "fear that could develop into panic" at the country's banks in the weeks before fresh elections that could precipitate Athens exit from the euro zone.

* Sears Canada Inc reported a first-quarter profit, helped by a one-off gain on lease terminations and lower costs.

* The JPMorgan Chase & Co. unit that lost more than $2 billion through a failed hedging strategy had looser risk controls than the rest of the bank, according to people familiar with the situation.

* Facebook Inc increased the size of its initial public offering by almost 25 percent, and could raise as much as $16 billion as strong investor demand for a share of the No.1 social network trumps debate about its long-term potential to make money.

MARKET SNAPSHOT   Continued...