Toronto’s main stock index looked set to open lower on Tuesday, weighed by lower commodity prices, which fell after news of France's credit rating downgrade clouded the outlook for the euro-zone.
The S&P/TSX Composite Index closed Monday higher by 162.68 points, or 1.4%, to 12,040.40, with futures off 0.2%
The Canadian dollar nipped up 0.02 cents to 100.39 cents U.S. Tuesday morning.
China's state-owned CNOOC Ltd has accepted management and employment conditions set by the Canadian government to win approval for its $15.1-billion takeover of Nexen Inc, according to sources close to the matter.
On the economic slate, Statistics Canada revealed this morning that things are not well in the wholesale trade. The agency reported that wholesale sales fell 1.4% to $48.8 billion in September, the third drop in four months.
ON BAYSTREET
The TSX Venture Exchange climbed 14.62 points Monday to 1,249.96
ON WALLSTREET
U.S. stock futures were mixed in early trading, pointing to an uneven opening.
The Dow Jones Industrials futures dropped eight points to 12,730 while S&P 500 futures eked up 1.5 points, or 0.1%, to 1,384, and futures for the tech-rich Nasdaq picked up 1.25 points to 2,586.75
Corporate results are due in the morning from Hewlett-Packard and Best Buy, and at 12:15 p.m. ET, Federal Reserve Chairman Ben Bernanke will speak at the Economic Club of New York. The Census Bureau will also release data on housing starts and building permits for October this morning.
Hewlett-Packard is expected to post earnings of $1.14 U.S. a share on $30.4 billion U.S. in revenue, according to a survey of analysts by Thomson Reuters. Best Buy is expected to post earnings of 12 cents a share on $10.7 billion U.S. in sales. Both are due to report before the opening bell.
Shares of Urban Outfitters slipped 1.5% after-hours Monday, after rising 5.8% during the trading day, as the retailer reported quarterly earnings that missed expectations.
Elsewhere, shareholders in commodities trader Glencore have overwhelmingly approved its long-awaited $31-billion takeover of miner Xstrata.
Euro-zone finance ministers meet to discuss the latest release of bailout funds for Greece, which the country needs to stave off default.
They meet as Moody's downgraded France's credit rating, stripping the country of its coveted AAA rating due to worries about economic weakness.
Also a concern is the escalating violence in the Middle East between Israelis and Palestinians. Oil prices have been ticking up amid growing concern about a possible ground war in Gaza.
European stocks were mixed ahead of the finance minister's meeting. Britain's FTSE 100 slipped 0.3%, while the DAX in Germany edged up 0.1% and France's CAC 40 fell 0.3%.
Asian markets closed lower. The Shanghai Composite lost 0.4%, the Hang Seng in Hong Kong dropped 0.2%, and Japan's Nikkei edged 0.1% lower.
Oil for January delivery rose $2.15 to $88.70 U.S. a barrel.
Gold futures for December delivery slipped $2.60 to $1,731.80 U.S. an ounce.
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