CANADA STOCKS-TSX may open higher, China comments support

Tue Jul 23, 2013 8:15am EDT
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July 23 (Reuters) - Canada's main stock index looked set to build on 7-week highs on Tuesday after the Chinese government reassured investors it would ensure growth does not sink below 7 percent.


* China must deepen reforms to address a slew of challenges, President Xi Jinping said in comments that emphasize the government's determination to restructure the slowing economy.

* Dutch telecoms group KPN will sell its German unit to Telefonica Deutschland for some 8.1 billion euros in cash and shares, in a long-awaited deal that will test regulators' views about Europe's largest mobile market.

* TD Ameritrade Holding Corp, the biggest U.S. discount brokerage by client trading volume, posted a 20 percent rise in second-quarter profit as it earned higher commissions.

* Canadian National Railway said it expects the boom in crude-by-rail shipments to continue, despite the Lac-Megantic tragedy and even as narrowing spreads between benchmark world oil prices raise questions about the economics of rail transport.

* United Technologies Corp, the world's largest maker of elevators and air conditioners, reported higher second-quarter net income, helped mostly by its 2012 buyout of aircraft parts manufacturer Goodrich.

* U.S. insurer Traveler Cos Inc posted an 85 percent rise in quarterly profit owing to lower disaster losses, blowing past Wall Street estimates.

MARKET SNAPSHOT   Continued...