CANADA STOCKS-TSX may open higher as ECB cuts interest rates

Thu May 2, 2013 8:26am EDT
 
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May 2 (Reuters) - Canada's main stock index is set to open higher after the European Central Bank cut interest rates by 25 basis points as inflation in the euro zone fell below its target.

TOP STORIES

* The European Central Bank cut interest rates for the first time in 10 months driven to act by an economy wallowing in recession and freed to do so by sharply falling inflation.

* Manufacturing across the world stumbled last month, underlining the fragility of the global economy and building the case for more action from leading central banks.

* Valeant Pharmaceuticals International Inc reported a 12 percent rise in adjusted quarterly profit due to higher product sales and raised its full-year adjusted profit forecast.

* Manulife Financial Corp reported a lower first-quarter profit on weak insurance sales and higher expenses.

* Gildan Activewear Inc reported a higher second-quarter profit, helped by lower cotton prices and higher sales across its printwear and branded businesses.

* Catamaran Corp reported a higher-than-expected first-quarter profit, helped by the $4.4 billion acquisition of rival Catalyst Health Solutions.

MARKET SNAPSHOT   Continued...