CANADA STOCKS-TSX set to open lower, U.S. fiscal cliff weighs

Tue Dec 4, 2012 8:36am EST
 
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Dec 4 (Reuters) - Canadian stock index futures pointed to a slightly lower open on Tuesday, tracking a decline in global commodity prices, with the uncertainty surrounding U.S. budget talks hurting investor sentiment.

TOP STORIES

* Bank of Montreal's fourth-quarter profit rose 41 percent, topping estimates, as a sharp jump in wholesale banking income more than offset a weaker performance from its U.S. lending unit, the bank said.

* Canada, hoping to spur economic development of its far north, has approved the construction of a massive iron ore mine in the Arctic territory of Nunavut that could help top steelmaker ArcelorMittal reduce its dependence on outside suppliers.

* A think tank with ties to the Obama administration laid out a deficit-reduction proposal, urging the president to go bold and seek more concessions from Republicans on tax hikes.

* Canadian Natural Resources said it expects to produce more crude oil and natural gas liquids next year and plans to raise its capital budget by nearly 10 percent.

* Euro zone factory prices barely rose in October, echoing the slowing pace in consumer inflation, although the European Central Bank is expected to wait a little longer before cutting interest rates to help the slumping economy.

* EU finance ministers were unable to reach agreement on a new ECB-led system of banking supervision in Europe and agreed to meet on Dec. 12 to continue talks, Cypriot Finance Minister Vassos Shiarly said.

MARKET SNAPSHOT   Continued...