CANADA STOCKS-TSX may open lower; volumes seen down on storm

Mon Oct 29, 2012 8:52am EDT
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Oct 29 (Reuters) - Canada's main stock index looked set to open lower on Monday, hurt by uncertainty prevailing over Spanish bailout and lackluster global corporate earnings.

Trading volumes are expected to be thin with U.S. stock markets closed because of the huge and potentially damaging hurricane expected to hit the U.S. East Coast later in the day.

A spokeswoman for TMX Group Ltd said the Canadian stock markets it operates would remain open.


* Progress Energy Resources Corp. : Malaysian state oil firm Petronas will renew a bid for the gas producer, Petronas sources said, seeking to assure the Canadian government that the C$5.17 billion deal will benefit the country.

* Hurricane Sandy, a mammoth storm menacing the East Coast, took aim at the most densely populated U.S. region on Monday, forcing hundreds of thousands to seek higher ground, halting public transport and closing schools, businesses and government departments.

* Drugmaker Pfizer Inc and power companies Entergy Corp and NRG Energy Inc said they would postpone releasing quarterly earnings results because of the hurricane approaching the U.S. Northeast.

* TransCanada Corp has formed a joint venture with Phoenix Energy Holdings Ltd to develop a C$3 billion pipeline project in Northern Alberta.

* European Union governments will debate a cut of at least 50 billion euros this week as the starting point for negotiations on the bloc's proposed 1 trillion-euro long-term budget, a source familiar with the issue said.   Continued...