CANADA STOCKS-TSX may open higher on optimism over euro zone

Tue Aug 21, 2012 8:22am EDT
 
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Aug 21 (Reuters) - Canada's main stock index looked set to open higher as markets remain optimistic that strategy being drawn up by the European Central Bank would help tackle the region's debt crisis.

TOP STORIES

* China's leading offshore oil producer CNOOC Ltd said its first-half net profit fell by almost a fifth - twice as much as the market had expected - and it cut its dividend by 40 percent to make room for its $15.1 billion acquisition of Canadian oil firm Nexen Inc.

* Glencore's $30 billion bid for miner Xstrata is not a "must-do deal" its chief executive said, in the company's strongest suggestion yet that it will not yield to key shareholder Qatar's demands for an improved offer.

* Spain's short-term borrowing costs dropped at auction as investors bet the European Central Bank will intervene on bond markets, but a lack of detail over when and how it will act meant yields remained punishingly high.

* Britain's government finances veered further off track in July after a shortfall in corporation tax revenues and higher spending led to an unexpected deficit in a month that normally has strong tax receipts.

* Japan's Elpida Memory, which failed earlier this year, said it had submitted a restructuring plan to the Tokyo District Court, as expected following its agreement to be bought by U.S. chipmaker Micron Technology Inc.

MARKET SNAPSHOT

* Canada stock futures traded up 0.2 percent   Continued...