CANADA STOCKS-TSX may open higher, Jackson Hole meet eyed

Wed Aug 29, 2012 8:28am EDT
 
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Aug 29 (Reuters) - Canadian stock futures pointed to a higher open, despite caution among investors across the globe, ahead of a key gathering of central bankers that might give further clues on policy actions.

U.S. Federal Reserve Chairman Ben Bernanke is expected keep markets guessing about the timing of another round of bond purchases when he speaks on Friday in Jackson Hole, but he is likely to sustain expectations for action of some kind next month.

TOP STORIES

* The European Central Bank needs to employ "exceptional measures" at times to ensure its monetary policy can be effective but will act within its mandate to deliver price stability, ECB President Mario Draghi said in a newspaper opinion piece.

* Shareholders in Canada's Progress Energy Resources Corp have approved a takeover bid from Malaysia's state oil company Petronas at C$22.00 a share, or near C$6 billion ($6.09 billion) including debt, Progress said.

* Samsung Electronics Co unveils the second generation of its popular Galaxy Note phone-cum-tablet at Europe's biggest electronics show in Berlin later on Wednesday, as the South Korean firm comes under pressure to innovate after losing a U.S. patent battle with Apple Inc.

* China's central bank is experimenting with more delicate tools to support bank liquidity and lending, showing an apparent reluctance to resort to blunter monetary policy instruments such as cutting the amount of cash banks must hold as reserves despite abundant signs of weakening growth.

* Greece's government has agreed on the broad framework for nearly 12 billion euros in spending cuts for the next two years, with only technical issues outstanding, the country's finance minister said on Wednesday.   Continued...