CANADA STOCKS-TSX may open higher; euro zone and Chinese data support

Thu Aug 22, 2013 8:24am EDT
 
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Aug 22 (Reuters) - Canada's main stock index looked set to open higher on Thursday as investors shifted focus from the U.S. Federal Reserve's minutes to strong economic data from China and the euro zone, which painted signs of a global economic recovery.

TOP STORIES

* Evidence is growing that the world economy is on the mend. Business surveys on Thursday showed better-than-expected growth in the euro zone and a rebound in China's vast manufacturing sector.

* Hewlett-Packard Co shuffled its top ranks on Wednesday, shifting a star executive to a role identifying acquisition targets after a disappointing performance from the division he oversaw curtailed the No. 1 PC maker's 2014 outlook.

* PetroChina Co Ltd, China's dominant oil and gas producer which also owns refineries, posted a 29 percent rise in its second-quarter profit, beating analyst estimates.

* Abercrombie & Fitch Co said that quarterly comparable sales fell a worse-than-expected 10 percent, which the company blamed on fewer visits by shoppers to stores and customers' lack of interest in its women's clothing.

* Wells Fargo & Co, the largest mortgage lender in the United States, will cut 2,300 jobs in its home loan business because fewer customers are refinancing as interest rates rise, according to an internal memo reviewed by Reuters.

MARKET SNAPSHOT   Continued...