CANADA STOCKS-TSX may open lower, ECB and Fed eyed

Mon Jul 30, 2012 8:56am EDT
 
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July 30 (Reuters) - Canadian stock index futures pointed to a slightly lower open on Monday, with investors still hoping for policy action in Europe after Mario Draghi last Thursday vowed that the European Central Bank will do whatever it takes to preserve the euro.

TOP STORIES

* U.S. stock index futures dipped, indicating the S&P 500 may give back some gains from the prior two sessions that pushed the benchmark index to its highest close since May 3.

* HSBC's underlying profit dipped 3 percent from a year ago to $10.6 billion as Europe's biggest bank set aside $2 billion to cover U.S. law enforcement and regulatory costs and to compensate UK customers for mis-selling.

* Italy's benchmark 10-year borrowing costs eased below 6 percent at auction as rising expectations of bolder policy moves to counter the euro zone's debt crisis boosted demand for debt issued by the bloc's most vulnerable members.

* Spain slid deeper into recession in the second quarter as a tough new round of austerity to head off the budget crisis that threatens the euro took effect both on overall demand and the price consumers have to pay for goods.

* Second-quarter profit at Canadian Oil Sands Ltd, which owns the largest stake in Syncrude Canada Ltd, sank 71 percent due major plant maintenance that reduced production, lower oil prices and higher operating costs.

MARKET SNAPSHOT

* Canada stock futures traded lower   Continued...