Toronto's main stock index looked set to open higher on Tuesday as investors awaited signs from a two-day Federal Reserve policy meeting that the U.S. central bank was ready to provide further support for Canada's largest trading partner.
The S&P/TSX Composite Index gained 76.23 points to finish Monday at 11,601.13. Canada stock futures traded up this morning by 0.1%
The Canadian dollar was up 0.37 of a cent this morning to 98.01 cents U.S.
Enbridge Inc. expects to complete an expansion of its newly reversed oil pipeline to Texas refineries by the end of this year, the company's incoming chief executive said on Monday. That would be sooner than previous forecasts used by the company and its U.S. partner.
On the economic front this morning, Statistics Canada reports wholesale sales rose 1.5% in April to $49.3 billion, mostly due to higher sales in the agricultural supplies industry.
ON BAYSTREET
The TSX Venture Exchange advanced 8.73 points to 1,259.75. The Nasdaq Canada index moved ahead 2.20 points to 373.15
ON WALLSTREET
U.S. stocks appear headed for a relatively flat open Tuesday as investors eye developments in Europe along with some earnings and economic readings at home.
Futures for the Dow Industrials restored 24 points, or 0.2%, to 12,710, about 30 minutes before the opening bell, while futures for the S&P 500 tacked 3.8 points, or 0.3%, to 1,344.70. Futures for the tech-rich Nasdaq gained 7.5 points to 2,595.
Sunday's election in Greece yielded a victory for the pro-bailout party and eased fears that the country will soon exit the euro.
The winning New Democracy party could announce a coalition government as soon as Tuesday.
But as fears of an imminent Greek exit from the euro recede, banking and debt worries in Spain have moved into greater focus. Spain's 10-year yield moved back up above 7% on Monday, raising worries about the country's ability to stave off a bailout. The yield remained above 7% Tuesday.
Leaders of the Group of 20 nations conclude a meeting in Mexico on Tuesday. Europe is at the top of the agenda, though analysts aren't expecting any significant policy announcements.
Anticipation is higher about the Federal Reserve's two-day meeting, which ends Wednesday. Some observers believe the Fed may announce another round of bond buying or plans to continue its so-called Operation Twist, which extends the maturities of debt held by Treasury.
European stocks were higher in afternoon trading. Britain's FTSE 100 gained 0.9%, while the DAX in Germany rose 0.4%, and France's CAC 40 bounced back from earlier losses to be up 0.3%.
Asian markets closed slightly lower, with the Shanghai Composite losing 0.7%, the Hang Seng in Hong Kong slipping 0.1% and Japan's Nikkei off 0.8%.
Oil for July delivery gained 17 cents to $83.44 U.S. a barrel.
Gold futures for August delivery rose $5.00 to $1,632 U.S. an ounce.
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