TSX may open lower, focus on Spain's bank bailout approval

Fri Jul 20, 2012 8:31am EDT
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July 20 (Reuters) - Toronto's main stock index looked set to open lower as markets remained cautious about the health of the global economy and euro zone ministers approve a Spanish bank bailout plan.


* General Electric reported a 2.5 percent rise in quarterly profit from continuing operations, just beating Wall Street forecasts, as solid U.S. demand for equipment used in energy production offset the effects of a weakening European economy.

* Euro zone finance ministers are expected to approve an agreement to lend up to 100 billion euros to Spain so it can recapitalize its banks, but the exact size of the loan will probably only be determined in September.

* Schlumberger Ltd, the world's largest oilfield services company, posted a rise in quarterly profit as revenue piles up outside North America and deepwater activity comes surging back.

* Canada's annual inflation sped up in June to 1.5 percent from 1.2 percent in May, as higher prices for passenger vehicles and electricity outweighed a drop in gasoline costs, Statistics Canada said on Friday.

* West Fraser Timber Co Ltd reported a second-quarter profit, on high lumber prices and strong demand from Asia.


* Canada stock futures were down 0.81 percent   Continued...