CANADA STOCKS-TSX may open higher on record China factory data

Thu Jan 24, 2013 8:15am EST
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Jan 24 (Reuters) - Canada's main stock index looked set to open higher on Thursday, as manufacturing data from China revived hopes of recovery in the world's second largest economy.


* Growth in Chinese manufacturing accelerated to a two year high and a buoyant Germany took the euro zone economy a step closer to recovery, business surveys showed.

* Agrium raised its fourth-quarter earnings forecast, as strong grain and oilseed prices spurred demand for its fertilizer products over the fall season in North America.

* Diversified U.S. manufacturer 3M Co reported a 3.9 percent rise in profit, on solid growth in sales of its products, which range from Post-It notes to films used in television screens.

* Lockheed Martin Corp, the Pentagon's supplier, said that it expected higher earnings this year despite weakening sales, citing a record backlog and continued efforts to cut costs.

* Commerzbank, Germany's second-biggest lender, plans to cut up to 12 percent of staff by 2016 in a bid to slash costs and revamp its ailing retail business.

* Finnish mobile phone maker Nokia said will axe its annual dividend payment for the first time in over 20 years, to shore up its finances as sales fall.

MARKET SNAPSHOT   Continued...