CANADA STOCKS-TSX may open lower on U.S., Middle East concerns

Thu Nov 15, 2012 8:51am EST
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Nov 15 (Reuters) - Canada's main stock index looked set to open lower on Thursday, driven by uncertainty over U.S. budget negotiations and an escalation of violence in the Middle East.


* The holy grail of conservative tax policy - the theory that lower tax rates will generate stronger revenues by turbo-charging economic growth - has sprung back to life and is stirring controversy again in Washington.

* The European Union's top economic official sought to rule out any write-off of Greece's debt to governments on Thursday after a European central banker said for the first time that a "haircut" on part of it was probable.

* BP Plc is expected to pay a record U.S. criminal penalty and plead guilty to criminal misconduct in the Deepwater Horizon disaster which caused the worst offshore spill in the country's history, sources familiar with discussions said.

* The retailer posted a higher quarterly profit, helped by strong sales of back-to-school merchandise in the United States.

* The euro zone fell into a recession in July-September, the second since the global financial crisis in 2009, as French resilience could not make up for a slump across Europe and the three-year debt crisis slowed Germany to a crawl.

MARKET SNAPSHOT   Continued...