Stock futures pointed to a higher opening for stock markets in Canada on Tuesday as oil prices rose with traders looking forward to next week’s meeting of the Organization of the Petroleum Exporting Countries when major exporters are expected to extend production cuts.
The S&P/TSX Composite Index inched higher 5.83 points to close Monday at 16,004.40
The Canadian dollar inched up 0.04 cents at 78.09 cents U.S. Tuesday morning.
December futures vaulted 0.3% Tuesday.
Bombardier said on Monday it priced $1 billion worth of seven-year bonds at par with a final yield of 7.5% per year, underscoring strong demand for the deal partly slated to retire debt maturing in 2019.
Meantime, JP Morgan has raised the company’s rating to overweight from neutral
Officials in Britain said Canadian drug company Concordia International overcharged the U.K’s health service millions of pounds for an essential thyroid drug by abusing its position as the only supplier.
TransCanada Corp has started initial excavation work at the site of an oil spill on its Keystone pipeline in South Dakota but has not yet pinpointed where the leak came from.
CIBC raised the price target on TransCanada stock to $75.00 from $70.00
National Bank of Canada raised the target price Alimentation Couche-Tard to $75.00
On the economic beat, Statistics Canada reported that, following two months of increases, wholesale sales declined 1.2% to $62.0 billion in September, the second negative reading so far this year.
ON BAYSTREET
The TSX Venture Exchange dropped 5.22 points Monday to 794.13
ON WALLSTREET
U.S. stock index futures pointed to a higher open Tuesday, as investors geared up for a new slew of corporate earnings.
Futures for the Dow Jones Industrials leaped 94 points, or 0.4%, to 23,489
S&P 500 futures hiked eight points, or 0.3%, at 2,590, while futures on the NASDAQ Composite index took on 27.25 points, or 0.5%, to 6,343.25
Campbell Soup, Dollar Tree, Hormel Foods, Chico's FAS and Cracker Barrel are some of the companies set to release their latest financial figures, prior to the open.
Lowe's, Medtronic and Hormel Foods reported before the bell earlier on Tuesday. The stocks traded flat to slightly higher in the pre-market.
After the bell, Salesforce.com, Hewlett Packard Enterprise, GameStop, HP and Guess are some of the names expected to publish earnings.
On the data front, the Chicago Fed National Activity Index is set to be released at 8:30 a.m. ET, as is the Philadelphia Fed's Non-Manufacturing Business Outlook Survey. Existing home sales will then come out at 10 a.m. ET.
Overseas, European stocks were ticking higher around noon local time, while Japan’s Nikkei 225 rallied 0.7%, and in Hong Kong, the Hang Seng Index jumped 1.9%.
Oil prices acquired six cents to $56.48 U.S. per barrel.
Gold prices gained $2.50 to $1,277.80 U.S. an ounce.
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