CANADA STOCKS-TSX may open higher on stimulus hopes, Fed eyed

Tue Jul 31, 2012 8:53am EDT
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July 31 (Reuters) - Canadian stocks looked set to open higher, supported by rising commodity prices, as investors watched the U.S. Federal Reserve's two-day monetary policy meeting with hopes the central bank will suggest further action to stimulate the economy.


* Thomson Reuters said its 2012 revenue growth was on track after reporting strong software sales to tax and accounting firms, even as revenue from financial institutions was weak but making progress.

* Fortis reported a 9 percent rise in second-quarter profit, as higher energy infrastructure investment and increased transmission revenue helped drive growth at its Alberta unit.

* BP Plc delivered the worst of a poor set of quarterly results among top oil companies on Tuesday, slashing $5 billion off the value of U.S. assets and undershooting expectations with its operating result.

* UBS reported a surprise slump in profit, hit by a big trading loss on Facebook's stock market debut and a drop in revenue that pushed its investment bank into the red.

* Rona Inc rejected Lowe's Co's unsolicited $1.8 billion takeover offer, saying it was not in the best interests of shareholders.


* Canada stock futures traded up 0.24 percent   Continued...