Futures Higher on Producer Price Report

Scotiabank, TransCanada in Focus

Stock futures pointed to a higher opening for equity markets in Canada on Tuesday as investors digested a report on producer prices.

The S&P/TSX Composite Index fell 65.97 points to close Monday at 16,093.56

The Canadian dollar dropped 0.2 cents at 78.17 cents U.S. Tuesday morning.

December futures gathered 0.2% Tuesday.

Bank of Nova Scotia said its earnings increased by 4% in the fourth quarter, benefiting from strong performances by each of its businesses.

The Keystone crude oil pipeline will restart at reduced pressure on Tuesday, TransCanada Corp said, nearly two weeks after closing the line after it leaked 5,000 barrels of crude in rural South Dakota.

Canadian designer Line the Label shot to prominence on Monday after U.S. actress Meghan Markle wore a coat from the brand in her first public appearance after her engagement to Britain's Prince Harry.

Desjardins raised the rating on Kirkland Lake Gold to buy from hold

Eight Capital raised the price target on Canopy Growth to $22.00 from $18.00

TD Securities raised the rating on Roots Corp. to action list buy from buy

On the economic slate, Statistics Canada reported that its industrial product price index rose 1.0% in October, mainly due to higher prices for motorized and recreational vehicles.

The agency’s raw materials price index zoomed increased 3.8%, primarily due to higher prices for crude energy products.

Producer prices data for October was expected to show an increase of 0.5% compared with a fall of 0.3% in September.

ON BAYSTREET

The TSX Venture Exchange gained 1.38 points to 795.39

ON WALLSTREET

U.S. stock index futures pointed to a slightly higher open Tuesday as investors looked ahead to key economic data releases.

Futures for the Dow Jones Industrials acquired 32 points, or 0.1%, to 23,594

S&P 500 futures gained 2.5 points, or 0.1%, at 2,604.25, while futures on the NASDAQ Composite index picked up 6.25 points, or 0.1%, to 6,419.50

On the earnings front, Momo, Autodesk and Pure Storage are some of the companies set to publish their latest financial figures.

A slew of data releases are set to keep investors on their feet. First off, advance economic indicators are due out at 8:30 a.m. ET, followed by the S&P/Case-Shiller Home Price Indices and Federal Housing Finance Agency house price index data at 9 a.m. ET.

At 10 a.m. ET, consumer confidence and the Richmond Fed survey of manufacturing activity are due out, which will then be followed by the Dallas Fed's Texas services sector outlook survey at 10:30 a.m. ET.

Overseas, European stocks ticked higher nearing noon local time, while Japan’s Nikkei 225 docked 9.75 points, and in Hong Kong, the Hang Seng Index doffed 5.34 points.

Oil prices fell 41 cents to $57.70 U.S. per barrel.

Gold prices inched up 70 cents to $1,295.10 U.S. an ounce.