CANADA STOCKS-TSX may open higher, helped by Chinese data, Shoppers deal

Mon Jul 15, 2013 8:59am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

July 15 (Reuters) - Canadian stocks were set to open higher on Monday, tracking global markets, with investors relieved the slowdown in second-quarter Chinese growth was not as bad as some had expected.

Shares of Shoppers Drug Mart Corp were also set to jump after Loblaw Cos Ltd, Canada's largest food retailer, said it will buy Shoppers for C$12.4 billion ($11.9 billion), as it faces increasing competition from Target Corp and Wal-Mart Stores Inc.

TOP STORIES

* China's annual GDP growth slowed to 7.5 percent in April to June - the ninth quarter in the last 10 that expansion has weakened - putting pressure on Beijing to quicken reforms rather than slow them to take up the economic slack.

* AT&T Inc will buy Leap Wireless International Inc for $1.19 billion, paying almost double the current value of the prepaid mobile service provider as major U.S. carriers scramble to acquire valuable wireless spectrum.

* Germany's Commerzbank has sold a 5 billion euro portfolio of UK property loans to U.S. peer Wells Fargo and private equity firm Lone Star.

* U.S. General Electric is gearing up for a 3.5 billion pound counterbid for British engineer Invensys that would trump last week's offer from France's Schneider Electric, a newspaper said on Sunday. [ID:nL6N0FK087}

MARKET SNAPSHOT   Continued...