CANADA STOCKS-TSX may rise on recent upbeat global data; investors eye Cameco

Mon Feb 11, 2013 8:32am EST
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Feb 11 (Reuters) - Canada's main stock index looked set to open higher on Monday, tracking its U.S. counterpart, as encouraging global economic data last week offset worries about political tensions in the euro zone.


* Cameco reported sharply lower quarterly profit on Friday after taking a C$168 million write-down on an Australian exploration project, and said the current quarter would likely produce weaker earnings as well.

* With the road ahead looking a bit smoother, G20 finance ministers will be happy to ignore the wreck in the rear-view mirror when they meet this week to steer a course for the world economy.

* U.S. regulators have dealt a major blow to Novo Nordisk's hopes for its new long-acting insulin Tresiba by demanding the Danish drugmaker conduct more clinical tests to assess potential heart risks.

* US Airways Group Inc and AMR Corp are nearing an $11 billion merger that would create the world's largest airline and could announce a deal within a week, after resolving key differences on valuation and management structure, people familiar with the matter said.

* Google Inc Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company, a move that could potentially net the former chief executive a $2.51 billion windfall.

MARKET SNAPSHOT   Continued...