CANADA STOCKS-TSX set to open higher after U.S. jobs data

Fri Feb 1, 2013 8:45am EST
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Feb 1 (Reuters) - Canada's main stock index looked set to open higher on Friday, helped by better-than-expected euro zone manufacturing data and news that U.S. job growth grew modestly in January and that gains in the previous two months were bigger than initially reported.


* China's vast factory sector managed only a shallow rebound at the start of 2013 and manufacturing in the euro zone remained weak, although there the worst may be over, a clutch of surveys suggested.

* Canadian Oil Sands posted a 4.7 percent drop in fourth-quarter profit on Thursday, despite higher production, as oil prices fell.

* Merck & Co's quarterly results beat forecasts, helped by strong sales of its Januvia diabetes drug and Gardasil vaccine against cervical cancer, but the company issued a full-year 2013 profit view at the low end of Wall Street expectations.

* Banks will pay back another 3.5 billion euros next week of the emergency 3-year loans they took from the European Central Bank a year ago, further deflating the ECB's balance sheet after they paid back a whopping 137 billion euros this week.

* The Obama administration's decision on the Keystone XL oil pipeline will not be made until at least June, a U.S. official said, which would delay the project for months and frustrate backers of Canada's oil sands.

MARKET SNAPSHOT   Continued...