Stock markets in Toronto looked set to open lower on Tuesday after a long weekend as strong factory data from Germany and Britain failed to impress markets
The Toronto Stock Exchange's S&P/TSX composite index closed up 9.29 points Friday to 2,603.25. Futures Tuesday subsided 0.4%.
Raymond James raised target price on First Quantum Minerals Ltd. to $22 from $21, saying the company's second-quarter results and a successful integration of the newly acquired IMN assets are continued proof of management's focus and abilities
Raymond James cut the rating on HudBay Minerals to market perform from outperform to reflect the relative risk of company's operations, balance sheet, size, and liquidity
The rating agency also raised the target price on Kelt Exploration Ltd. to $8 from $7.50 after the company announced $15.5-million acquisition at Fireweed which offsets Inga and an increase to its production guidance, capital spending and bank line
Lastly, James cut the target price on SNC Lavalin Group to $47 from $49 after the company badly missed second-quarter FY13 expectations mainly due to provisions on two lump-sum projects
The Canadian dollar dipped 0.11 cents to 96.39 cents U.S. early Tuesday
On the economic front, Statistics Canada reported that Canada's merchandise exports grew 1.4% and imports increased 0.6% in June.
As a result, our trade deficit with the world narrowed from $781 million in May to $469 million in June.
British manufacturing grew much more strongly than expected in June, suggesting the country's recovery is broadening just as the Bank of England prepares to set out its plan for steering the economy back to health.
Markets in Toronto were shuttered Monday for a holiday.
ON BAYSTREET
The TSX Venture Exchange gained 2.54 points Friday to 923.56
ON WALLSTREET
U.S. stock futures were drifting slightly higher Tuesday, coming off the back of an uneventful session Monday.
Ahead of the opening bell, futures for the Dow Industrials listed lower 32 points, or 0.2%, to 15,522. Futures for the S&P 500 faded 2.7 points, or 0.2%, to 1,699.80, and futures for the NASDAQ dropped two points, or 0.1%, at 3,134.
Shares of Molson Coors Brewing rose in pre-market trading after the brewer reported strong earnings and sales, helped by a 20% jump in beer volume.
Fossil stock also rallied on strong earnings.
And shares of Michael Kors rose sharply after the luxury retailer reported sales and earnings that blew past expectations.
DISH Network reported a net quarterly loss related to an acquisition of two of its satellites.
Disney is due after the close.
In economic news, the U.S. Census Bureau will publish its report on the country's June trade balance
In other corporate news, shares of The Washington Post slipped afterAmazon.com founder Jeff Bezos said he was buying the company's world-renowned newspaper business. Bezos is buying the company's flagship paper -- The Washington Post -- and other print properties for $250 million U.S.
European markets were anemic.
Asian indexes closed mixed.
Oil prices added 39 cents to $106.95 U.S. a barrel
Gold prices docked $13.30 to $1,289.10 U.S. an ounce.
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