Canadian stock futures inched higher on Tuesday, as investors digested data showing economic growth picked in the first quarter after a weak fourth quarter.
The S&P/TSX Composite Index dipped 18.56 points to end Monday at 14,086.67. June futures eked up 0.07% Tuesday
The Canadian dollar surged 0.09 cents to 76.72 cents early Tuesday
Bank of Nova Scotia said provisions for bad loans increased by 40% in the second quarter, compared with the previous quarter, driven primarily by exposure to the energy sector.
An Australian mining veteran who made investors billions with a shrewd bet on coal in Mozambique is aiming for another big score with Champion Iron, even as a global gush of new supply threatens to depress already slumping prices.
Raymond James raised the rating on Ensign Energy Services to market perform
KBW raised the target price on Toronto-Dominion Bank to $56.00 from $52.00
Raymond James raised the rating on Western Energy Services to outperform
On the economic front, Statistics Canada says this country’s economy grew 0.6% during the first quarter of this year, following up on a 0.1% hike in the last quarter of 2015. However, GDP decreased 0.2% in March, after edging down 0.1% in February.
ON BAYSTREET
The TSX Venture Exchange added 1.88 points to close Monday 670.42.
ON WALLSTREET
U.S. stock futures are sitting around the levels where they closed on Friday.
Ahead of the opening bell, futures for the Dow Jones Industrials jumped 38 points, or 0.2%, to 17,887, while futures for the S&P 500 gained 3.25 points, or 0.2%, to 2,100.50. NASDAQ futures acquired 7.75 points, or 0.2%, to 4,517.75
Markets were shuttered Monday for Memorial Day
This marks the final trading day of a bumpy month, though all the major U.S. indexes look set to close out the period with gains.
The NASDAQ has climbed 3.3% this month, followed by the S&P 500, which jumped 1.6% over the period. The Dow was a bit more sluggish, rising a mere 0.6% this month.
Verizon announced on Friday that it had struck a deal with its unions to end a long-running strike. On Monday, the company revealed that workers had negotiated a healthy pay raise and bonus.
The labour dispute has taken a toll on Verizon's business. CEO Lowell McAdam said earlier this month that it's been harder for the company to sign up as many new customers as before the strike began.
A number of important U.S. economic reports are coming through Tuesday.
The Bureau of Economic Analysis is posting its personal income and spending report this morning.
The latest Case-Shiller home price index, which tracks the health of the U.S. housing market, is being released soon after.
Then at 10 a.m., the Consumer Confidence Index for the month of May is due from the Conference Board.
European markets were dipping in early trading.
In Asia, the Shanghai Composite closed the day with a 3.3% gain, as part of a general upward trend through the region.
Oil prices gained 32 cents to $49.65 U.S. a barrel
Gold prices picked up $4.71 to $1,209.66 U.S. an ounce.
