Stock futures pointed to a higher opening for equity markets in Canada on Tuesday as oil prices gained on signs that the Organization of the Petroleum Exporting Countries may not raise output to tackle lower supplies from Iran and Saudi Arabia signaled it was in no hurry to bring prices down.
The S&P/TSX Composite Index gained 68.82 points to close Monday at 16,082.31
The Canadian dollar forged ahead 0.16 cents to 76.77 U.S. early Tuesday
September futures marched ahead 0.3% Tuesday
Foreign Minister Chrystia Freeland on Monday said she would return to Washington, this week for fresh talks on the North American Free Trade Agreement as time is running very short to meet a U.S. demand for a deal by Oct. 1.
Toshiba is in talks with Brookfield Asset Management Inc for the potential sale of its U.K. nuclear unit NuGen, a source familiar with the matter said on Tuesday.
Barclays starts coverage on Spin Master Corp. with overweight rating and $65.00 price target
In things macroeconomic, Statistics Canada reported that manufacturing sales increased for the third consecutive month in July, rising 0.9% to $58.6 billion. Higher sales in the transportation equipment and chemical industries drove the increase.
ON BAYSTREET
The TSX Venture Exchange tacked on 4.2 points to close Monday at 719.36
ON WALLSTREET
U.S. stock futures rose on Tuesday as the United States slapped new tariffs on Chinese goods that were lower than expected.
Futures for the Dow Jones Industrials hiked 68 points, or 0.3%, to 26,170
S&P 500 futures advanced 5.25 points, or 0.2%, to 2,901.25, while futures for the NASDAQ composite climbed 16.75 points, or 0.2%, to 7,481.75
In earnings news, AutoZone, General Mills, and Cracker Barrel are all scheduled to post their latest financial updates. Meantime, investors will keep an eye on stocks impacted by natural disasters as former hurricane Florence continues to wreak havoc on a number of U.S. states.
Late Monday, the Trump administration announced the U.S. will impose 10% tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25% at the end of the year.
Although trade concerns are likely to dominate market sentiment Tuesday, a number of economic releases are due. At 8:30 a.m. ET, the Business Leaders Survey is expected to be released, followed by the NAHB/Wells Fargo Housing Market Index at 10 a.m ET, and Treasury International Capital (TIC) data at 4 p.m. ET.
Overseas, in Japan, the Nikkei 225 returned to trading after a holiday on Monday to gain 1.4% Tuesday, while in Hong Kong, the Hang Seng index regained 0.6%.
Oil prices took on 88 cents to $69.79 U.S. a barrel.
Gold prices gained 70 cents to $1,206.50 U.S. an ounce.
