Equity markets in Toronto pointed to a higher open on Tuesday ahead of a U.S. central bank policy meeting to decide further stimulus cuts.
The S&P/TSX composite index gained back 53.37 points to begin Tuesday’s session at 13,635.66
The Canadian dollar dipped another 0.35 cents to 89.62 cents U.S.
Bank of Montreal has reached a deal to buy U.K.-based F&C Asset Management Plc for 708 million pounds just a day after first announcing an offer, saying the move would help expand its wealth management arm. BMO shares gave back 60 cents to $69.86.
First Quantum Minerals said its Cobre Panama project in Central America should produce 20% more copper than previously planned, but production will start later than expected and development costs will be higher, the company said. First Quantum shares gained 17 cents to $20.01
TransCanada Corporation said on Monday there were "no issues" at present with its 590,000-barrel-per-day Keystone XL crude oil pipeline system. TransCanada shares dipped 22 cents to $48.33.
ON BAYSTREET
The TSX Venture Exchange inched up 1.41 points to 953.16
All but one of the 14 Toronto subgroups were higher, led by global base metals, up 2.1%, metals and mining, ahead 1.6%, and information technology, gaining 1.4%
The lone laggard was in telecoms, down 0.1%.
ON WALLSTREET
Stocks bounced back Tuesday as emerging market turmoil eases and investors sift through the latest slew of earnings reports.
The Dow Jones Industrial Average recaptured 88.69 points to 15,926.57
The S&P 500 index regained 10.48 points to 1,792.04. The NASDAQ acquired 11.47 points to 4,095.08
U.S. stocks fell Monday for a fifth consecutive day,continuing the slide from the previous week.
But for now, a sense of calm seems to be prevailing, as the currencies of some troubled emerging markets have stabilized. Investors are also gearing up for the Federal Reserve's policy announcement Wednesday.
Shares of Apple tumbled after the tech giant reported weaker-than-expected fourth-quarter iPhone sales.
Pfizer bounced after the drugmaker reported better-than-expected earnings, though sales fell short of estimates.
Ford shares rose after the automaker topped earnings forecasts and said it would pay record profit-sharing to its UAW members.
American Airlines Group, the child of the recently completed merger between American Airlines and U.S. Airways, reported a fourth-quarter profit that beat estimates.
After the close, results are due from Yahoo.
Emerging markets have returned to center stage over the past few days as protests and wild currency fluctuations led to a sweeping selloff.
The turmoil has been sparked, in part, by the U.S. Federal Reserve's plans to rein in the flow of cheap money. The markets expect the Fed to announce a further cut to its bond-buying program Wednesday, which could prompt a withdrawal of cash from vulnerable emerging markets.
But some analysts argue the problems in emerging markets can't be blamed on the Fed.
In economic news, the Case-Shiller 20-city home price index rose slightly, signaling that the housing market remains strong but is showing signs of topping out.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.76% from Monday’s 2.77%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.60 to $97.32 U.S. a barrel.
Gold prices faded $10.70 to $1,252.70 U.S. an ounce.
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