Markets in Toronto looked set to build on seven-week highs on Tuesday after the Chinese government reassured investors it would ensure growth does not sink below 7%.
The S&P/TSX Composite Index ended Monday up 73.25 points to 12,758.38, with futures up 0.1%.
The Canadian dollar dipped 0.01 cents to 96.75 cents U.S. early Tuesday
Canadian National Railway said it expects the boom in crude-by-rail shipments to continue, despite the Lac-Megantic tragedy and even as narrowing spreads between benchmark world oil prices raise questions about the economics of rail transport.
CIBC raised the price target of Bonterra Energy Corp to $59 from $55, Peyto Exploration & Development Corp to $38 from $33 and Trilogy Energy Corp to $38 from $36, on revised commodity price forecasts as oil differentials and natural gas improve
China must deepen reforms to address a slew of challenges, President Xi Jinping said in comments that emphasize the government's determination to restructure the slowing economy.
On the economic slate, Statistics Canada reported this morning that retail sales burst out of their shell during May, growing 1.9% following two consecutive flat months. It’s the largest growth rate for retail sales since March 2010.
ON BAYSTREET
The TSX Venture Exchange added 8.99 points to finish Monday at 929.38
ON WALLSTREET
Quarterly corporate earnings have put investors in a positive mood.
While it's still early to draw any final conclusions, second-quarter results have come in better than most analysts had expected.
Futures for the Dow Industrials climbed 43 points, or 0.3%, to 15,534. Futures for the S&P 500 gained 3.2 points, or 0.2%, to 1,693.50, and futures for the NASDAQ picked up seven points, or 0.2%, to 3,054.50
UPS reported earnings in line with its preliminary expectations. The packing and shipping company said volume in the U.S. and internationally grew, even as revenue came in slightly below forecasts.
Travelers reported a boost in quarterly profit , citing "lower catastrophe losses."
DuPont reported earnings that beat forecasts but revenue fell short, which the company blamed on slipping chemical sales and economic headwinds in Europe and Asia.
Nearly 160 companies in the S&P 500 are slated to report quarterly results this week overall.
Netflix shares sank after the streaming-video service added fewer subscribers than expected in the second quarter.
Texas Instruments shares rose after the semiconductor maker reported quarterly earnings that came in ahead of expectations.
Apple and AT&T are up after the close.
European markets edged up in midday trading, while Asian markets ended with gains. Hong Kong's Hang Seng index added 2.6%, the Shanghai Composite index 2%, and Tokyo's Nikkei 225 was up 0.8%.
Oil prices dipped 64 cents to $106.30 U.S. a barrel
Gold prices fell $7.40 to $1,328.60 U.S. an ounce.
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