Stock futures pointed to a higher opening for Canada's main stock index on Tuesday as oil prices rose, supported by Saudi Arabian export cuts in November.
The S&P/TSX Composite Index subtracted 47.98 points to conclude Friday and the week at 15,728.32
December futures vaulted 0.3% Tuesday morning.
The Canadian dollar jumped 0.33 cents at 79.98 cents U.S. Tuesday morning.
Markets were closed Monday for Thanksgiving.
Brookfield Asset Management's Public Securities Group has agreed to buy Center Coast Capital Holdings, an energy infrastructure-focused investment firm, for an undisclosed amount, according to a statement on Tuesday.
Bombardier Inc's largest business jet is making its debut on Sunday in Las Vegas, giving a glimpse of the ultra long-range plane the Canadian company is counting on for growth at a time of sluggish industry sales and as it fights a trade battle over a separate jet
Saudi Arabia has cut November allocations by 560,000 barrels per day, in line with its commitment to a supply reduction pact led by the Organization of the Petroleum Exporting Countries. In the United States, some production remains offline following Hurricane Nate, lending additional support.
On matters economic, Statistics Canada reported Canadian municipalities issued $7.5 billion worth of building permits in August, down 5.5% from July. This was the second consecutive monthly decrease.
Despite these declines, says the agency, the year-to-date value of building permits is up 8.7% compared with the same period in 2016.
Elsewhere, Canada Mortgage and Housing Corporation revealed the trend in housing starts was 214,821 units in September, compared to 220,573 units in August.
ON BAYSTREET
The TSX Venture Exchange gained 3.55 points Friday to end the week at 788.32.
ON WALLSTREET
U.S. stock index futures pointed to a slightly higher open Tuesday, as investors geared up for new comments set to come out of the U.S. central bank, while keeping an eye on political developments.
Futures for the Dow Jones Industrials gained 36 points, or 0.2%, to 22,747.
S&P 500 futures moved higher 3.25 points, or 0.1%, to 2,547, while futures on the NASDAQ Composite index took on 11 points, or 0.2%, to 6,075.50.
In earnings news, Barracuda Networks is set to report its latest financial figures. Meanwhile, the U.S. Treasury is set to auction four separate bills on Tuesday.
In other company news, Nvidia unveiled a new computer system that will help cars become fully autonomous. The company is also allowing some to access a virtual reality design platform. Nvidia's stock rose 4.4% in the pre-market, and was the biggest riser in the S&P 500.
Wal-Mart shares also rose before the bell, after the retail giant announced a $20-billion buyback program. The company also reiterated its fiscal 2018 earnings guidance.
Meanwhile, Honeywell unveiled a corporate makeover on Tuesday that ties its growth more strongly to aerospace technology — the opposite of what activist investor Third Point Capital has urged since April.
The results of the manufacturer's portfolio review announced before U.S. markets opened said it would spin off its home and ADI global distribution business and transportation systems into two independent, publicly-traded companies by the end of 2018.
The company said the two businesses together generated annualized revenue of $7.5 billion.
Following the U.S. Bureau of Labor Statistics' latest non-farm payrolls report—which revealed last Friday that the American economy saw a loss of 33,000 jobs during September—investors will be paying close attention as to what leading members of the U.S. central bank will say on Tuesday.
In the morning, Minneapolis Fed President Neel Kashkari is set to speak at the Regional Economic Conditions conference in Minneapolis, Minnesota.
Later on in the day, investors will turn their attention to Dallas Fed President Robert Kaplan, who will be in California, where he is expected to participate in a Stanford Institute for Economic Policy Research associates meeting.
The U.S. Chamber of Commerce urged the Trump administration on Tuesday to moderate its stance in the renegotiation of the North American Free Trade Agreement, describing some of Washington's demands as "poison pill proposals" that could doom the talks.
Overseas, European stocks were trading relatively flat approaching noon on the continent Monday, while Japan’s Nikkei 225 gained 0.6%, while in Hong Kong, the Hang Seng Index also gained 0.6%.
Oil prices gained 53 cents to $50.11 U.S. per barrel.
Gold prices prospered $9.20 to $1,294.20 U.S. an ounce.
Related Stories
