Canada stock futures edged higher as oil prices stabilized after a sharp selloff as a fall in the dollar triggered a bout of short-covering.
The S&P/TSX Composite dropped 107.1 points to close Monday at 15,388.95
The Canadian dollar dipped 0.09 cents to 75.58 U.S. early Tuesday
Gildan Activewear said it had won a bankruptcy auction to buy U.S. fashion retailer American Apparel for about $88 million in cash. The company says the deal is subject to approval from a bankruptcy court on Thursday.
French cosmetics group L'Oreal is acquiring three specialized skincare brands - CeraVe, AcneFree and Ambi - from Valeant Pharmaceuticals International for $1.3 billion in cash to expand into one of the fastest growing areas of the beauty industry.
A Native American tribe in Wisconsin has voted against renewing agreements allowing Enbridge Inc to use their land for a major crude oil pipeline, the latest sign of increasing opposition to North American energy infrastructure.
Hudson's Bay Co cut its full-year revenue forecast for the second time, citing a challenging retail environment in the United States and Europe.
CIBC cut the price target on Yamana Gold Inc. to $4.60 from $6.00, mainly reflecting current spot prices.
On the economic beat, Statistics Canada reported that municipalities issued $7.8 billion worth of building permits in November, down 0.1% from the previous month.
The agency said the decline was largely the result of lower construction intentions in Alberta.
Meantime, Canada Mortgage and Housing Corporation reports housing starts in Canada totaled 198,053 units in December compared to 200,105 in November. The trend is a six-month moving average of the monthly seasonally-adjusted annual rates of housing starts.
ON BAYSTREET
The TSX Venture Exchange gained 2.87 points Monday to 794.31
ON WALLSTREET
U.S. stock index futures pointed to an uncertain open on Tuesday as traders geared up for the start of earnings season and eyed economic data.
Ahead of the opening bell, futures for the Dow Jones Industrials dipped 20 points, or 0.1%, at 19,808. Futures for the S&P 500 fell 0.5 points to 2,264.5. NASDAQ futures shed one point at 5,021
On the earnings front, tech company Synnex is due to report after the market close. Financial giants Bank of America, BlackRock and JPMorgan Chase are among the companies slated to report later this week.
On matters economic, the National Federation of Independent Business's small business survey results for December showed sentiment soaring to a 12-year high. Wholesale trade and job openings and labour turnover survey (JOLTS) for November are slated for release at 10 a.m ET.
European markets were just above the flatline Tuesday afternoon, while in Asia, the Shanghai Composite in China closed 0.3% lower, while the Nikkei in Japan closed 0.8% lower.
Oil prices gained 13 cents to $52.09 U.S. a barrel
Gold prices faded two dollars to $1,182.90 U.S. an ounce.
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