Stock futures pointed to a lower opening for equities in this country on Tuesday as oil prices hit seven-month lows after news of increases in supply by several key oil producers including Nigeria and Libya.
The S&P/TSX Composite Index gained 73.5 points to close Monday at 15,266.04
September futures retreated 0.3% early Tuesday.
The Canadian dollar slipped 0.3 cents to 75.32 cents U.S. early Tuesday.
Cenovus Energy says it would sell $4 billion to $5 billion in non-core assets to reduce debt after it paid about $17 billion last month to buy ConocoPhillips' western Canadian oil sands assets.
Bombardier has signed a $1.14-billion contract to supply passenger trains to the two new operators of Britain's South Western rail franchise.
CIBC raised the target price on Air Canada to $20.50 from $19.50
Raymond James cut the price target on Aimia Inc. to $6.00 from $7.00
National Bank of Canada started coverage on Kinder Morgan Canada with a sector perform rating, and a $17 target price.
On the economic slate, Statistics Canada reported that wholesale trade increased 1.0% to $61.0 billion in April, a seventh consecutive monthly advance.
The agency says gains were recorded in three of seven sub-sectors, accounting for 41% of total wholesale sales, and were led by the machinery, equipment and supplies sub-sector.
Moreover, Federal Finance Minister Bill Morneau said on Monday he had discussed with his provincial counterparts whether more actions are needed to ensure the stability of the country's housing market
ON BAYSTREET
The TSX Venture Exchange eked forward 0.69 points Monday to 776.60
ON WALLSTREET
U.S. stock index futures pointed to a flat open on Tuesday, as investors gear up for another batch of remarks from leading Federal Reserve officials.
Ahead of the opening bell, futures for the Dow Jones Industrials gave back eight points to 21,453. Futures for the S&P 500 dipped 1.25 points, or 0.1%, to 2,446.25. NASDAQ futures gained 9.75 points, or 0.2%, to 5,775.75.
Some companies are out with earnings, most notably, Adobe Systems, FedEx and La-Z-Boy.
Sticking with data, the Current Account came out this morning.
With little economic data due out on Tuesday, investors are likely to shift their attention to speeches by three leading Fed members, to see if they elaborate on the state of the U.S. economy, after the central bank recently chose to raise rates for the second time in 2017.
Boston Fed President Eric Rosengren is set to deliver remarks at the DNB-Riksbank Macroprudential Conference Series in Amsterdam on Tuesday, where he is expected to comment on the state of the U.S. economy.
Fed Vice Chairman Stanley Fischer is also at the meeting in Amsterdam, where he has delivered a keynote speech. At the event, Fischer warned that while the U.S. and other nations have taken actions to strengthen their housing finance systems, more needs to be done to prevent a future crisis; according to Reuters.
Later on in the day, Dallas Fed President Robert Kaplan will be at the Commonwealth Club of California, in San Francisco, where he is likely to weigh in on current economic conditions and implications for monetary policy.
European markets were marginally higher as of noon on the continent, while, in Asia, the Nikkei 225 in Japan closed 0.8% higher, while Shanghai’s CSI 300 eased off 0.2%
Oil prices slipped $1.16 to $43.04 U.S. per barrel.
Gold prices took on $1.20 to $1,247.90 U.S. an ounce.
