Stock futures pointed to a higher start for Canada's main stock index on Tuesday as prices of commodities, including gold and oil, stabilized after China's economic growth in the fourth quarter came slightly better than the markets had expected.
The S&P/TSX composite index ended Monday up 3.09 points to 14,312.50, with March futures ahead 0.7% Tuesday.
The Canadian dollar fell 0.43 cents to 83.32 cents U.S. early Tuesday.
Canada's oilsands companies are perilously close to operating at a loss after six months of plunging crude prices, yet many say they have no plans to cut production at their vast projects in northern Alberta.
Indeed, Syncrude and Canadian Natural Resources are planning to boost production, in the expectation economies of scale will cut their cost per barrel.
CIBC raised the rating on Dundee Precious Metals to outperform from sector perform.
HSBC raised the rating on First Quantum Minerals to overweight from neutral
CIBC raised the rating on Endeavour Silver to outperform from sector perform.
Speaking of things economic, Statistics Canada reported this morning that manufacturing sales dipped 1.4% in November, reflecting lower sales of motor vehicles and chemicals.
ON BAYSTREET
The TSX Venture Exchange gained 5.85 points Monday to 673.16.
ON WALLSTREET
Investors are bouncing back from a holiday break with a spring in their step, preparing to push markets higher on Tuesday.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 89 points, or 0.5% to 17,521. Futures for the S&P 500 moved forward 11.75 points, or 0.6%, to 2,024.75, and futures for the NASDAQ hiked 30 points, or 0.7%, to 4,164.
Markets were closed Monday for the Martin Luther King holiday.
Delta Airlines and Apple were leading the gains in pre-market action.
A handful of companies are due to report quarterly earnings before the opening bell, including Johnson & Johnson, Delta, Morgan Stanley, and Halliburton. IBM and Netflix will report after the close.
There was plenty of gloom shrouding the world economy as the International Monetary Fund cut its forecasts for global growth for this year and next. The IMF said even drastically lower oil prices will have limited impact on stimulating the economy.
European markets were moving higher in early trading on growing hopes that the European Central Bank will unveil a market-boosting stimulus program later this week.
Asian markets ended the session with solid gains including a 2% rise for Japan's Nikkei index. China's Shanghai Composite regained some ground after sharp losses on Monday.
Oil prices dropped $1.48 to $47.21 U.S. a barrel
Gold prices hiked $12.90 to $1,289.70 U.S. an ounce.
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