Canada's main stock index looked set to open higher as markets remain optimistic that strategy being drawn up by the European Central Bank would help tackle the region's debt crisis.
The S&P/TSX Composite index moved down 13.86 points to end Monday at 12,076.03. Canada stock futures traded up 0.2% Tuesday.
The Canadian dollar bolted higher by one-third of a cent Tuesday morning to 101.48 cents U.S.
Heritage Oil is among the stocks to watch this morning. The company says it will sell part of a gas block and borrow money from Genel Energy Plc to raise $450 million, easing concerns about how it will fund oilfield purchases in Nigeria.
On the economic ledger, Statistics Canada told us this morning that wholesale sales faltered 0.1% to $49.9 billion in June, breaking a winning streak of four straight months. In volume terms, wholesale sales were down 0.5%.
ON BAYSTREET
The TSX Venture Exchange faded 4.08 points Monday to 1,229.34. The Nasdaq Canada dipped 1.41 points to 349.72.
ON WALLSTREET
U.S. stocks were poised to open higher Tuesday, as investors hope to hear some good news out of Greece this week.
Futures for the Dow Jones Industrials regained 29 points, or 0.2%, to 13,258, about 30 minutes before the opening bell.
Futures for the S&P 500 picked up 2.9 points, or 0.2%, to 1,417.60, and for the Nasdaq, futures gathered eight points, or 0.3%, to 2,788.
Greece has been at the center of Europe's debt crisis. Greek Prime Minister Antonis Samaras, who will be meeting with euro-zone officials throughout the week, is expected to push for a two-year extension of Greece's bailout program. That would give the government more time to implement difficult reforms and help get the nation's economy back on track.
Stocks have been rising across the continent since European Central Bank President Mario Draghi said late last month that the ECB would do "whatever it takes to preserve the euro." The yield on Spain's 10-year bond has fallen to 6.3%, while Italian 10-year bond yields have declined to 5.8%.
Investors are also keeping tabs on the U.S. Federal Reserve.
The central bank will release minutes from its July meeting Wednesday afternoon. While the Fed didn't announce any further stimulus measures at its latest meeting, investors will look for clues about whether quantitative easing could be coming when Chairman Ben Bernanke speaks at the Jackson Hole, Wyo., symposium at the end of the month.
European stocks moved higher in morning trading. Britain's FTSE 100 ticked up 0.3%, the DAX in Germany added 0.4% and France's CAC 40 rose 0.5%.
Asian markets closed mixed. The Shanghai Composite gained 0.5%, while Japan's Nikkei edged lower by 0.2% and the Hang Seng in Hong Kong ended flat.
Oil for September delivery fell four cents to $95.97 U.S. a barrel.
Gold futures for December delivery rose $3.60 to $1,623 U.S. an ounce.
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