CANADA STOCKS-TSX may open lower despite firm U.S. data

Fri Oct 26, 2012 8:49am EDT
 
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Oct 26 (Reuters) - Canadian stock futures pointed to a lower open on Friday, as lackluster corporate earnings reports globally undermined investor confidence, even as U.S. gross domestic product data came in higher than expected.

TOP STORIES

* U.S. economic growth picked up in the third quarter as a late burst in consumer spending offset the first cutbacks in investment in more than a year by cautious businesses.

* Spain's unemployment rate hit a record high in the third quarter, with one in four out of work and more expected to lose their jobs in 2013 as the next phase of government cutbacks kicks in.

* The European Central Bank is ready to use its new bond-purchase program and it is up Spain to decide whether to make the request for aid that is required to trigger ECB buying, ECB policymaker Peter Praet said.

* Merck & Co reported mixed third-quarter results, with earnings beating Wall Street forecasts but sales slightly missing the mark amid stiff generic competition that began in August for the company's Singulair asthma medicine.

* Apple Inc delivered a second straight quarter of disappointing results and iPad sales fell well short of Wall Street's targets, marring its record of consistently blowing past investors' expectations.

MARKET SNAPSHOT

* Canada stock futures traded down 0.47 percent   Continued...