Canada's main stock index looked set to open lower on Tuesday, after U.S. Federal Reserve Chairman Ben Bernanke painted a cautiously optimistic outlook for U.S. growth while urging lawmakers to raise the debt ceiling to avoid default.
The S&P/TSX Composite Index poked ahead 0.91 points to conclude Monday at 12,603.09
The Canadian dollar faded 0.18 cents to 101.45 cents U.S. Tuesday morning.
Aurizon Mines Ltd said that it was reviewing the unsolicited takeover proposal it received from rival gold miner Alamos Gold Inc and advised its shareholders to hold off on taking any action at this time.
Corus Entertainment Inc. Monday reported a fall in quarterly revenue, hurt by lower sales at its television segment.
Natural gas company Encana Corp. quashed speculation on Monday that it may be up for sale following the unexpected retirement of its CEO.
Mining firm Encanto Potash Corp. said on Monday that it is in talks with India's Rashtriya Chemicals and Fertilizers Ltd, but has not struck any agreement for future potash sales.
Yoga retailer Lululemon Athletica Inc. said on Monday it expected growth slowed sharply at its established yoga-wear shops for the quarter that includes the crucial holiday shopping season.
Rogers Communications said it would buy Hamilton, Ontario-based Mountain Cablevision Limited and some wireless spectrum licenses from Shaw Communications for about $700 million.
In the economic docket, existing home sales in this country were set to be released around 9 a.m. ET.
ON BAYSTREET
The TSX Venture Exchange slipped 10.72 points Monday to 1,229.53
ON WALLSTREET
Economic reports will be the prime focus for the stock market Tuesday.
Futures for the Dow Industrials fell 48 points, or 0.4%, to 13,385. Futures for the S&P 500 gave back 6.60 points, or 0.5%, to 1,457.70, and futures for the Nasdaq doffed 9.5 points, or 0.4%, to 2,719.25
Reports on retail sales and producer prices for December were scheduled for release at 8:30 a.m. ET. Data on manufacturing in New York was to be released at the same time. At 10 a.m. ET, the Census Bureau will release a report on business inventories for November.
Homebuilder Lennar reported earnings that beat expectations, although shares fell 1% in premarket trading. Goldman Sachs and JPMorgan Chase will report results Wednesday, while Intel, Bank of America and General Electric are due later in the week.
Overall, S&P 500 companies are expected to report earnings growth of 2.4% for the last three months of 2012, according to FactSet Research. Excluding the financial sector, however, growth for these firms is expected to be just 0.2%.
Dell shares were up more than 4% in premarket trading, a day after reports that the computer maker could be taken private.
Shares of Facebook were up 1% in anticipation of its mystery announcement, scheduled to take place at 1 p.m. ET at the company's headquarters in Menlo Park, Calif.
U.S. stocks finished mostly flat Monday.
European markets were mixed in morning trading, with the DAX slightly weaker. Germany's economy grew by just 0.7% in 2012, down from 3% the previous year, the government said Tuesday.
Asian markets also ended mixed. Japan's Nikkei advanced 0.7% after being closed Monday for a holiday. The Shanghai Composite added 0.6%, while the Hang Seng declined 0.1%.
Oil prices fell 47 cents to $93.67 cents U.S. a barrel
Gold prices grew $11.40 an ounce to $1,680.90 U.S.
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