Canadian stocks looked set to open higher, supported by rising commodity prices, as investors watched the U.S. Federal Reserve's two-day monetary policy meeting with hopes the central bank will suggest further action to stimulate the economy.
The S&P/TSX Composite index fell 13.84 points to close Monday trading at 11,752.52. Canada stock futures traded up 0.2%
The Canadian dollar dipped 0.14 cents Tuesday morning to 99.70 cents U.S.
Among stocks to watch this morning, Thomson Reuters said its 2012 revenue growth was on track after reporting strong software sales to tax and accounting firms, even as revenue from financial institutions was weak but making progress.
Rona Inc rejected Lowe's Co's unsolicited $1.8-billion takeover offer, saying it was not in the best interests of shareholders.
A Canadian government-appointed arbitrator chose to enforce Air Canada's final offer over one proposed by the union representing its 3,000 pilots, ending a long and bitter contract dispute but angering the pilots.
Enbridge Inc. that repairs to a ruptured Wisconsin pipeline could be complete as early as on Tuesday, though regulators have not yet said when they will allow the company to restart the line.
On the economic ledger, Statistics Canada said real gross domestic product edged up 0.1% in May, after increasing 0.3% in April..
ON BAYSTREET
The TSX Venture Exchange faltered 6.76 points to 1,184.37. The Nasdaq Canada index faded 1.04 points to 337.26.
ON WALLSTREET
It's expected to be another day of cautious trading for U.S. stocks, as investors await any possible stimulus announcements by U.S. and European central bankers later this week
Futures for the Dow Jones Industrials picked up 16 points, or 0.1%, to 13,017, about 30 minutes before the opening bell.
Futures for the S&P 500 gained 1.1 points, or 0.1%, to 1,381.60, and for the Nasdaq, futures gained 9.75 points, or 0.4%, to 2,645.50.
The Fed's two-day meeting culminates in an announcement Wednesday afternoon. The European Central Bank will take centre stage Thursday with its Governing Council meeting in Frankfurt.
European markets were mixed in afternoon trading. Britain's FTSE 100 slid 0.2% and CAC 40 slide just below the breakeven line, while the DAX in Germany added 0.5%.
The unemployment rate for the 17-nation euro-zone held steady from the previous month at a record 11.2% in June, according to Eurostat, the European Union's statistical office. In the broader 27 nations that make up the E.U., the unemployment rate in June remained at 10.4% -- unchanged from May.
Eurostat also said that inflation was unchanged in July, at 2.4%.
Asian markets ended mixed. The Shanghai Composite lost 0.3%, while the Hang Seng in Hong Kong gained 1.1% and Japan's Nikkei rose 0.7%
Oil for September delivery rose 21 cents to $89.99 U.S. a barrel.
Gold futures for August delivery rose $2.40 to $1,622.10 U.S. an ounce.
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