CANADA STOCKS-TSX may open lower, FOMC eyed

Tue Jan 29, 2013 8:40am EST
 
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Jan 29 (Reuters) - Canada's main stock index looked set to open lower on Tuesday, tracking Wall Street, as investors looked to the outcome from the U.S. Federal Reserve two-day meeting to gauge the health of the world's largest economy.

TOP STORIES

* The U.S. Federal Reserve is paying close attention to risks linked to its bond buying program, including the possibility of losses on its massive portfolio that might touch off a political fire storm and harm the central bank's independence.

* Canadian Pacific Railway reported a 93 percent fall in fourth-quarter profit, but said it expects 2013 adjusted earnings per share to rise more than 40 percent.

* Anglo American Plc will take a $4 billion writedown on its Minas Rio iron ore operation in Brazil after delays and cost overruns forced the mining group to increase expenditure on the project.

* Japan's government approved a $1.02 trillion draft budget for the next fiscal year that aims to nudge tax revenues above new bond sales for the first time in four years, but still relies on borrowing to cover 46.3 percent of its spending.

* Pfizer reported better-than-expected fourth-quarter results, helped by rebounding sales in emerging markets, but the drugmaker forecast earnings for 2013 that were mostly below consensus analyst expectations.

* Royal Bank of Scotland Group is close to a 500 million pounds settlement with U.S. and British authorities over claims that some of its employees submitted false Libor rates, the WSJ reported, citing people briefed on the negotiations.   Continued...