CANADA STOCKS-TSX may open lower, corporate earnings weigh

Tue Oct 23, 2012 8:27am EDT
 
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Oct 23 (Reuters) - Canada's main stock index looked set to open sharply lower on Tuesday, hurt by concerns the slow global economy will continue to weigh on corporate earnings and Moody's credit downgrade of five Spanish regions.

TOP STORIES

* Spanish bond prices fell after Moody's downgraded five of the country's regions including economically important but deeply indebted Catalonia, while safe-haven German bonds gained.

* Du Pont reported a lower-than-expected third-quarter profit and said it would lay off 1,500 workers as part of a cost-cutting program designed to offset falling sales around the world.

* Apple Inc is expected to make its biggest product move since debuting the iPad two years ago, launching a smaller, cheaper tablet into a market staked out by Amazon.com Inc and Google Inc.

* 3M company reported a 6.7 percent rise in third-quarter profit, but the company cut its profit forecast for the full year as acquisition costs and a strengthening dollar hurt margins.

* United Technologies Corp reported a 3.3 percent decline in third-quarter earnings and cut its sales forecast for the year, citing weak demand from airlines and an uncertain economy.

MARKET SNAPSHOT   Continued...