CANADA STOCKS-TSX may open lower on Spanish and Italian concerns

Mon Feb 4, 2013 8:25am EST
 
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Feb 4 (Reuters) - Canada's main stock index looked set to open lower on Monday, dragged down by a drop in commodity prices, after political uncertainty in Spain and Italy dampened investor mood.

TOP STORIES

* Spain's opposition Socialist Party called for the resignation of Prime Minister Mariano Rajoy over a corruption scandal on Sunday as a poll showed the lowest support on record for his centre-right People's Party.

* In Italy former prime minister Silvio Berlusconi, one of the top candidates in this month's general election, is seeing a resurgence in popularity which threatens the reforms implemented by the outgoing technocrat government.

* Euro zone factory prices fell for the second month in a row in December, mirroring the trend in consumer inflation and leaving room for a possible European Central Bank interest rate cut to revive the weak economy.

* The number of people out of work in Spain rose by 2.7 percent in January from a month earlier, meaning 4.98 million people are unemployed in the euro zone's fourth-biggest economy, data from the Labour Ministry showed.

* Commerzbank, Germany's No. 2 bank, posted a larger-than-expected quarterly loss after a cut in its medium-term profit forecasts had a damaging effect on its tax accounting.

MARKET SNAPSHOT   Continued...