CANADA STOCKS-TSX may open lower on U.S debt concerns; RIM news

Mon Jul 25, 2011 8:37am EDT
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July 25 (Reuters) - Toronto's main stock index looked set to open lower on Monday, hurt by news of major job cuts at Research In Motion Ltd RIM.TO and an impasse in U.S. debt ceiling talks that fueled worries of a U.S. default.

A sharply divided U.S. Congress pursued rival budget plans that appeared unlikely to win broad support, pushing the United States closer to a ratings downgrade and debt default that would send shockwaves through global markets. [ID:nN1E76N0CA]

BlackBerry maker RIM said on Monday it plans to cut about 2,000 jobs, or 11 percent of its workforce, and would explain the financial impact of the cuts when it reports second quarter results on Sept. 15. [ID:nL3E7IP251]


* Canadian equity futures <0#SXF:> pointed to a lower open.

* Wall Street is also set for a lower start with investors closely watching corporate results, which includes Texas Instruments, Radioshack, Broadcom and Anadarko Petroleum. [.N]

* European shares fell from their highest in more than a week with financial stocks among the top losers. [.EU]

* Asian markets slipped, with Shanghai Composite Index hitting its biggest single day fall in six months, as some investors dumped shares linked with rail stocks in the wake of the weekend's deadly train disaster. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

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