Toronto stock market futures pointed to a lower open on Tuesday, tracking the U.S. market, as investors turned wary ahead of a European Central Bank meeting where most layers expect the central bank to signal an easing of monetary policy.
The S&P/TSX composite index finished Monday ahead 24.32 points to 13,361.78, with futures down 0.1%
The Canadian dollar slid 0.11 cents to 95.85 cents U.S. early Tuesday
Natural gas producer Encana Corp will cut about 20% of its workforce, slash its dividend and invest nearly three-quarters of its 2014 capital spending budget in more lucrative oil and liquid gas assets.
BlackBerry Ltd abandoned its plan to sell itself and said its CEO is stepping down, raising fears the struggling smartphone maker is running out of options.
WestJet Airlines Ltd, Canada's second-largest carrier, reported a better-than-expected quarterly profit as expenses fell.
Specialty pharmaceutical company Endo Health Solutions Inc said it would acquire Canadian peer Paladin Labs Inc for about $1.6 billion to expand its presence in Canada and emerging markets.
Open Text Corp said it would buy privately-held cloud computing company GXS Group Inc for $1.17 billion.
ON BAYSTREET
The TSX Venture Exchange slid into the red 2.75 points Monday to 952.58
ON WALLSTREET
U.S. stocks edged lower in the last hour before trading opened Tuesday.
Ahead of the opening bell, futures for the Dow Jones Industrials dipped 53 points, or 0.3%, at 15,522. Futures for the S&P 500 gave back 4.70 points, or 0.3%, to 1,758.30, and futures for the NASDAQ dropped 11.75 points, or 0.4%, to 3,365.75
Companies began reporting earnings before the bell.
DirecTV said that its quarterly revenue expanded and so did net income, driven by the company's stock repurchasing.
At T-Mobile US, quarterly revenue grew, and the wireless company said it added one million subscribers. Company shares rose 4% in pre-market trading.
AOL reported double-digit revenue growth for the quarter year-to-year, but a 90% plunge in net income. The company's stock rose 3% in pre-market trading.
Tesla Motors and 21st Century Fox are due to report in the afternoon.
On the economic front, the U.S. Institute for Supply Management will release its latest monthly reading on the health of the services industry at 10 a.m. ET.
European markets moved lower by 0.6% in morning trading as investors digested the European Commission's latest economic forecast. A surprise fall in inflation last month has cast fresh shadows over the health of the European economy.
Asian markets ended with mixed results. Japan's Nikkei 225 slipped 0.2% and Hong Kong's Hang Seng dropped 0.7%, while the Shanghai Composite index added 0.4%
Oil prices fell 15 cents to $94.47 U.S. a barrel
Gold prices grew $2.80 to $1,317.50 U.S. an ounce.
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