Futures pointed to a higher opening for Canada's main stock index on Tuesday, as oil prices rose with renewed U.S. sanctions against Iran that are expected to tighten global crude supply.
The S&P/TSX Composite Index fought doggedly up 11.08 points to finish Friday and the week at 16,420.24
The Canadian dollar sprang up 0.21 cents at 77.11 cents U.S. early Tuesday
September futures rebounded 0.3% Tuesday
Canadian markets were closed on Monday for Civic Holiday.
Bausch Health Cos. Inc, formerly known as Valeant Pharmaceuticals, reported a bigger quarterly loss on Tuesday, due to an income tax provision and an asset impairment charge.
Aimia Inc's largest shareholder, Mittleman Brothers, said on Monday a buyout offer by an Air Canada-led consortium for Aimia's Aeroplan loyalty program was undervalued.
Shale oil producer Continental Resources Inc said on Monday that it formed a subsidiary to manage mineral royalties with Franco-Nevada Corp, part of Continental's plan to diversify revenue sources.
Barclays raised the price target on Canadian Tire to $194.00 from $186.00
RBC raised the target price on Dorel Industries to $30.00 from $29.00
Desjardins cut the price target on Golden Star Resources to $1.60 from $1.65
On things macroeconomic, Western University’s IVEY School of Business is due out this morning (10 a.m. ET) with its Purchasing Managers’ Index for July.
ON BAYSTREET
The TSX Venture Exchange gained 1.12 points Friday to 702.05
ON WALLSTREET
U.S. stock index futures rose on Tuesday as equities move closer to record highs set earlier this year.
Futures for the Dow Jones Industrials increased 85 points, or 0.3%, to 25,553
S&P 500 futures gained 5.75 points, or 0.2%, to 2,855.75, while futures for the NASDAQ composite jumped 18.25 points, or 0.3%, to 7,462.25.
The S&P 500 was just 0.8% away from reaching an all-time high of 2,872.87, set on Jan. 26. The NASDAQ was also within 1% of a record high, while the Dow was more than 4.2% away from reaching an all-time high.
Dow-component Disney and Papa John's are scheduled to report earnings after the close. Mallinckrodt reported better-than-expected earnings before the bell, sending its shares up by nearly 9 percent.
The U.S. Job Openings and Labor Turnover Survey (JOLTS) is scheduled to be released at 10 a.m. ET, followed by consumer credit at 3 p.m. ET. The latest economic data come just days after July's jobs report came in below market forecasts, with total non-farm payrolls rising by 157,000, below the 190,000 predicted by economists.
Still, trade news worked its way into the picture.
Last week, China said it was ready to retaliate with tariffs on around $60 billion worth of U.S. goods, ranging from 5% to 25%; just days after the U.S. administration revealed that President Donald Trump had spoken with U.S. Trade Representative Robert Lighthizer and asked him to consider increasing the proposed levies on $200 billion worth of Chinese goods up to 25%, from 10%.
Overseas, in Japan, the Nikkei 225 added 0.7% while in Hong Kong, the Hang Seng index hiked 1.5%.
Oil prices acquired 70 cents to $69.71 U.S. a barrel.
Gold prices moved upwards $5.20 to $1,222.90 U.S. an ounce.
