Toronto's main stock index futures pointed to a higher open as investors bet central banks would maintain an accommodative monetary policy this week.
The S&P/TSX composite index dropped 65.71 points to end Monday’s session at 12,707.41, with this morning’s futures up 0.3%.
The Canadian dollar crept higher by 0.08 cents to 97.44 cents U.S. Tuesday
Bank of Nova Scotia said quarterly profit rose 13%, driven by acquisitions in its foreign and domestic segments, and it raised its dividend.
Canada's Competition Bureau has approved BCE Inc's plan to acquire Astral Media Inc for $3 billion, but the Bell parent's offer to buy the media company must still pass muster with the telecommunications regulator.
Growing caution gripping the mining industry is having a big impact on exploration service providers such as Major Drilling Inc , which posted a quarterly loss on Monday and offered little hope of an early turnaround
ON BAYSTREET
The TSX Venture Exchange faded 22.92 points Monday to 1,097.17
ON WALLSTREET
The Dow Jones industrial average may finally hit its record high Tuesday.
Futures for the Dow Industrials recovered 43 points, or 0.3%, to 14,159. Futures for the S&P 500 improved six points, or 0.4%, to 1,531.70, and futures for the NASDAQ gained 14 points, or 0.5%, to 2,774.
Recent gains have left the Dow less than 40 points away from its all-time closing high if 14,164.53, and only about 70 points below its record intraday high of 14,198.10. Both were set in October 2007.
The S&P 500 is also within 2.6% of its record closing high of 1,565.15, also reached in October 2007.
Stocks have had a strong start to 2013. Even with a largely uneventful, February, all three indexes are still up between 7% and 8% so far this year.
After the market close, gun maker Smith & Wesson Holding Co is expected to report strong quarterly results. Gun sales have surged in recent months amid speculation about new gun control laws.
J.C. Penney's shares tumbled 3% in premarket trading. The struggling retailer is in the third week of a court battle with Macy's over claims that Martha Stewart Living Omnimedia violated a previous agreement with Macy's in entering into a new partnership with J.C. Penney.
Genworth Financial Inc. shares rose in after-hours trading Monday on rumors that the company is planning a sale.
Investors will likely continue to watch Apple, which hit a new 52-week low on Monday. The stock is down 20% this year. Meanwhile, Google continues to hit new highs.
Investors will also be looking for any signs of progress in talks to end the budget impasse in Washington, known as sequester.
The Obama administration has started making $85 billion U.S. of cuts and some federal workers have started getting furlough notices.
Aside from Washington's antics, investors will keep tabs on other economic news.
The Institute for Supply Management will release its monthly index on service sector business activity at 10 a.m. ET. Economists are forecasting a slight improvement in that measure of the majority of the nation's economic activity.
Investors are also looking ahead to central bank meetings later this week in Europe, Japan and the U.K., all of which are expected to end with more promises of support the for world's major economies. The week ends with the U.S. jobs report which is forecast to show a pick up in hiring in February.
European markets were firmer in morning trading, while Asian markets ended higher afterChinese Premier Wen Jiabao announced the government will carry a larger deficit in 2013 to help the world's number-two economy reach its goal of 7.5% growth this year.
The Shanghai Composite added 2.3%, while the Hang Seng increased 0.1% and Japan's Nikkei rose 0.3%.
Oil prices took on 53 cents to $90.65 U.S. a barrel
Gold prices hiked $9.80 an ounce to $1,582.40 U.S.
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