CANADA STOCKS-TSX set to open higher, but euro crisis weighs

Thu May 31, 2012 9:00am EDT
 
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May 31 (Reuters) - Toronto's main stock index was set to edge higher at the open on Thursday, but gains were expected to be limited by escalating tensions in the euro zone crisis and weak U.S. economic data.

The S&P/TSX composite index was still on track for its worst monthly performance since September 2011.

TOP STORIES

* The pace of hiring at U.S. companies picked up in May, though the 133,000 jobs created this month came in shy of analysts' expectations, data from a payrolls processor showed on Thursday. [ID:nL1E8GV23U}

* Europe's leaders must clarify their vision for the euro quickly to dispel doubts about the currency's future, ECB President Mario Draghi said, warning that the Central Bank could not fill the policy vacuum.

* Euro zone inflation eased further than expected to its lowest level in more than a year in May, giving the European Central Bank a little more room to lower interest rates amid fears of deep recession across the continent.

* Canada's CGI Group Inc agreed to buy Anglo-Dutch IT services firm Logica for $2.64 billion, giving it the scale and geographical presence to meet multinational companies' demands for global IT contracts.

* Canadian Imperial Bank of Commerce reported a 6 percent increase in quarterly income, topping estimates, on higher volumes at its retail and business banking operations.   Continued...