Stock futures pointed to a higher opening for Canada's main stock index as investors shrugged off further weakness in commodity markets and Chinese shares to focus on economic data and earnings.
The S&P/TSX composite index stumbled 184.87 points, or 1.3%, to close a tumultuous Monday at 14,001.37
The Canadian dollar added 0.12 cents to 76.82cents U.S. early Tuesday
WestJet Airlines Ltd reported a 19% rise in quarterly profit, helped by lower fuel costs and addition of new routes. The airline's net earnings rose to $61.6 million, or 49 cents per share, in the second quarter ended June 30 from $51.8 million, or 40 cents per share, a year earlier. Revenue rose 1.3% to $942 million.
Husky Energy Inc reported a nearly 81% fall in quarterly profit as it struggles to cope with weak oil and gas prices. The company's net income fell to $120 million, or 10 cents per share, in the second quarter ended June.
Power cuts in northwestern Zambia have affected production at mines run by Canada's First Quantum Minerals and Barrick Gold, an industry body said. Zambian power utility Zesco Ltd is limiting power it supplies to customers, including mining companies, after water levels at its hydro-electric plants dropped due to drought.
Barclays cut the price target on Open Text Corp to $65.00 from $67.00, saying forex impact may exacerbate organic decline, estimate fourth-quarter at low end of preannouncement.
Barclays cut the price target on PrairieSky Royalty to $30.00 from $3.00 based on unchanged valuation multiples after the company reported its second-quarter results.
Acadian Timber Corp expects Q2 earnings of seven cents per share, when it reports today.
Capstone Mining Corp also reports, expecting a Q2 loss of two cents per share
On the economic front, Statistics Canada reported that its Industrial Product Price Index hiked 0.5% in June, mainly because of higher prices for energy and petroleum products and motorized and recreational vehicles.
The Raw Materials Price Index was unchanged in June, as lower prices for metal ores, concentrates and scrap were mostly offset by higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange hurtled earthward 10.76 points, or 1.8%, to end Monday at 581.72.
ON WALLSTREET
Markets are calmer Tuesday as investors regain some poise following a global selloff triggered by China's stock market crash.
Ahead of the opening bell, futures for the Dow Jones Industrials recovered 80 points, or 0.5%, to 17,476, futures for the S&P tacked on 11 points, or 0.4%, to 2,075.5, and futures for the NASDAQ gained 19.5 points, or 0.4%, to 4,542.
There are lots of company earnings to watch this morning. Markets will hear from the likes of Ford, Pfizer, UPS, Jetblue Airways and GrubHub ahead of the opening bell.
After the markets close, expect reports from companies including Panera Bread, Yelp and Twitter.
BP reported results this morning that came in slightly below expectations. Its shares were edging up by about 1% in London trading, in line with the market.
The Case-Shiller housing price index will be released this morning, giving investors insight into the health of the U.S. housing market.
Soon after, the Conference Board will release its July consumer confidence index.
Chinese markets took another step down Tuesday, but the move wasn't nearly as dramatic as Monday when the benchmark Shanghai index dropped by 8.5%, its worst performance in eight years.
On Tuesday, the Shanghai Composite closed down 1.7% after slumping as much as 4% in early trading. The Shenzhen Composite fell 2.2%.
China's regulators have taken a number of steps to prop up prices in recent weeks. Late on Monday, China's top securities regulator said it would buy more stocks in a bid to stabilize the market. But the renewed push lower on Tuesday shows officials are struggling to reduce volatility.
European markets are rising this morning, as the U.K. economy picked up speed in the second quarter, growing by 0.7% over the first quarter, and at an annual rate of 2.6%.
Oil prices lost seven cents to $47.32 U.S. a barrel
Gold prices sank $3.30 at $1,093.60 U.S. an ounce.
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