CANADA STOCKS-TSX set to open lower, Italian borrowing costs weigh

Wed Feb 27, 2013 8:43am EST
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Feb 27 (Reuters) - Toronto's main stock index looked set to open slightly lower on renewed concerns about the euro zone debt crisis after Italian 10-year borrowing costs climbed more than half a percentage point.


* Italy's 10-year debt costs rose more than half a percentage point on Wednesday at the first longer-term auction since an inconclusive parliamentary election, although they remained below the psychologically important level of 5 percent.

* Federal Reserve Chairman Ben Bernanke strongly defended the U.S. central bank's monetary stimulus before Congress on Tuesday, easing financial market worries over a possible early retreat from bond purchases.

* JPMorgan Chase & Co said on Tuesday that it plans to cut 17,000 jobs by the end of 2014, representing about 6.6 percent of the company's overall workforce, as the bank sheds staff that helped it deal with bad home loans.

* The department store chain Sears Canada Inc said its fourth-quarter profit fell 3 percent on lower sales of hardware and home electronic goods.

* Anheuser-Busch InBev, the world's biggest beer maker, forecast a weak start to the year in the U.S. and Brazil after slightly lower earnings than expected in the final months of 2012.

MARKET SNAPSHOT   Continued...