CANADA STOCKS-TSX may open lower, emerging market sell-off weighs

Fri Jan 24, 2014 8:20am EST
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Jan 24 (Reuters) - Canada's main stock index looked set to open lower on Friday as emerging market currencies fell on a sell-off accelerated by worries surrounding China and U.S. monetary policy.


* Japanese government calculations indicate that Prime Minister Shinzo Abe cannot meet his budget-balancing promise in coming years on the current course, suggesting he may come under greater pressure from fiscal hawks for future tax increases.

* Procter & Gamble Co, the world's largest household products maker, reported lower quarterly profit, hurt by unfavorable currency movements and lower gross profit margin.

* Business software maker Open Text Corp's second-quarter results beat analysts' estimates, driven by higher license sales and customer service revenue.

* Bristol-Myers Squibb Co's quarterly sales and earnings beat Wall Street expectations, helped by cost cuts and growing sales of its treatments for cancer, blood clots and diabetes.

* Microsoft Corp posted a bigger-than-expected quarterly profit on Thursday, boosted by strong sales of its software and services for businesses, a solid holiday season for its new Xbox game console and Surface tablets, and a slightly lower tax bill.

MARKET SNAPSHOT   Continued...