CANADA STOCKS-TSX may open higher on Chinese factory data

Fri Dec 14, 2012 8:18am EST
 
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Dec 14 (Reuters) - Toronto's main stock index looked set to open higher on Friday, tracking its European and U.S. counterparts, after data showing a growth in China's manufacturing sector reinforced recent indications that the country's economic recovery is reviving.

TOP STORIES

* China's vast manufacturing sector expanded in December but the euro zone is probably deeper in recession, business surveys suggested. Composite PMI data from Germany, showed its private sector bounced back to growth for the first time in eight months in December.

* PetroChina will pay Encana Corp C$2.2 billion ($2.24 billion) for a 49.9 percent stake in a rich Alberta shale gas prospect, the first test of new guidelines issued by Ottawa for major energy investments by foreign state-owned enterprises.

* European leaders agreed to press on with further steps to tackle their debt crisis but German Chancellor Angela Merkel threw out a proposal to boost risk-sharing with a fund to help euro zone states in trouble.

* The European Central Bank, poised to take over supervision of the region's banks, said there was no room for complacency following early signs of easing strains on financial markets.

* Japan Petroleum Exploration has decided to go ahead with a $1.4 billion expansion of its Hangingstone oil sands project in Canada and will initially triple output from the development, the company said.

* Russia's Rosneft could raise as much as $10 billion on bond markets to finance its takeover of Anglo-Russian oil firm TNK-BP, potentially matching loans backed by future oil exports.

MARKET SNAPSHOT   Continued...