CANADA STOCKS-TSX may open lower as Fed uncertainty continues

Tue Aug 20, 2013 8:16am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

August 20 (Reuters) - After posting its biggest single-day percentage fall in eight weeks in the previous session, Canada's main stock index looked set to open lower on Tuesday as investors expect the U.S. Federal Reserve to begin tapering its monetary easing policy as early as next month.

TOP STORIES

* A recovery in the U.S. housing market helped Home Depot Inc beat analysts' quarterly profit and sales estimates, prompting the world's largest home improvement chain to raise its outlook for the fiscal year.

* Best Buy Co Inc reported a higher quarterly profit as lower costs offset lackluster sales at the world's largest consumer electronics chain.

* BHP Billiton's new chief has put his stamp on the top global miner, mapping out a cautious approach to expanding into the potash market, which it sees as its next big growth business beyond 2020.

* China's CNOOC Ltd, which closed its $15.1 billion acquisition of energy producer Nexen in February, posted a 7.9 percent gain in its first-half earnings, beating estimates, as increased output offset lower crude prices and higher operating costs.

* Glencore Xstrata took a $7.7 billion hit on Xstrata's mining assets, drastically reducing the value of early-stage projects after falling prices dragged down first-half profit.

MARKET SNAPSHOT   Continued...