Futures prices pointed to a lower opening for Canada's main stock index on Tuesday following a selloff in global equities triggered by a worsening Italian political crisis.
The S&P/TSX Composite Index retreated 59.53 points to conclude Monday at 16,016.14, its fifth consecutive negative day
The Canadian dollar dipped 0.16 cents to 76.78 U.S. early Tuesday
June futures withered 0.7% Tuesday
Strong performances from its domestic and international operations helped Bank of Nova Scotia deliver second-quarter results ahead of market expectations on Tuesday.
Media reports say Canada is likely to buy Kinder Morgan Canada’s Trans Mountain oil pipeline and its proposed expansion project in an attempt to ensure that it is built.
CIBC cut the price target on Corus Entertainment to $8.50 from $9.00
TD Securities raised the price target on Vermilion Energy to $55.00 from $54.00
ON BAYSTREET
The TSX Venture dropped 4.67 points to close Monday at 770.74
ON WALLSTREET
U.S. stock index futures dropped sharply ahead of Tuesday's open as political turmoil in Italy and Spain added to investors' worries and sent the euro falling to its lowest level against the dollar in 2018.
Futures for the Dow Jones Industrials skidded 161 points, or 0.7%, to 24,569
S&P 500 futures fell 16.5 points, or 0.6%, to 2,701.75, while futures for the NASDAQ composite index jettisoned 34.25 points, or 0.5%, to 6,926.
U.S. stock markets were closed Monday for Memorial Day.
The Walt Disney Company fell 1.1% in pre-market trading Tuesday after its latest "Star Wars" film disappointed at the box office. "Solo: A Star Wars Story" opened to an underwhelming $103 million in North America over the long holiday weekend, falling short of estimates closer to $150 million, according to industry researcher ComScore.
In data, the S&P/Case-Shiller house price index is set to be released at 9 a.m. ET, followed by consumer confidence at 10 a.m. ET and the Dallas Fed's manufacturing survey at 10:30 a.m. ET.
The moves in pre-market trading in the U.S. came amid turbulence for European markets and politics alike.
The Stoxx Europe 600 fell 1.3%, weighed down by a 2.9% drop in Italy's FTSE MIB and a 2.4% decline in Spain's IBEX 35.
Over the weekend, Italy's prime minister appointed former International Monetary Fund official Carlo Cottarelli as interim prime minister to form a new government and restore political order within the country.
In Japan, the Nikkei 225 fell 0.6%, while in Hong Kong, the Hang Seng Index plummeted 1% Tuesday
Oil prices slid 77 cents to $67.11 U.S. per barrel.
Gold prices ditched six dollars to $1,297.70 U.S. an ounce.
