All signs pointed to a higher open on Tuesday for equity markets in Toronto as Russian President Vladimir Putin ordered troops in military exercises on the border with Ukraine to return to their bases, calming worries over a possible war in the region.
The S&P/TSX composite index ended Monday up 3.15 points to 14,212.74. Futures pointed up 0.4% early Tuesday.
The Canadian dollar was unchanged early Tuesday to 90.29 cents U.S.
Bank of Nova Scotia reported a 6% rise in quarterly profit on the back of recent acquisitions and higher lending volumes, and hiked its quarterly dividend.
Enbridge Inc. said it would undertake a $7-billion replacement program in the mainline system running between Edmonton and Superior, Wisconsin.
Santiago, Chile will host a new exchange designed to raise capital for early-stage businesses in the mining sector, joint venture partners the Santiago Stock Exchange and Canada exchange operator TMX Group Ltd said on Monday.
ON BAYSTREET
The TSX Venture Exchange faded 7.27 points Monday to 1,018.10.
ON WALLSTREET
U.S. stocks look set for a rebound Tuesday after Russian President Vladimir Putin eased some of the tensions in the Ukraine crisis.
Ahead of the opening bell, futures for the Dow Jones Industrials rocketed 160 points, or 1%, to 16,308. Futures for the S&P 500 moved higher 17.90 points, or 1%, to 1,861, and futures for the NASDAQ jumped 42 points, or 1.1%, at 3,710.75.
In corporate news, Radio Shack shares tumbled more than 20% after the electronics retailer reported in its earnings statement that it is closing about 1,100 stores, or about 20% of its total, amid plunging same-store sales.
Gun maker Smith & Wesson will report after the close.
Autozone Inc. reported a 9.4% increase in second-quarter profit as an unseasonably cold winter drove up sales.
Europe's main markets were also popping up in early trading, with the DAX in Frankfurt and the CAC 40 in Paris rising by more than 2%.
In Asia, most stocks closed with gains -- Hong Kong's Hang Seng index rose 0.7% and Japan's Nikkei 225 added 0.5%. China's benchmark Shanghai Composite moved the other way, sliding 0.2%.
On the economic front, U.S. President Obama will release his fiscal year 2015 budget proposal Tuesday. The budget will include a handful of proposals to help low- and middle-income families.
In comments to reporters in Moscow, Putin said Russia has no intention of annexing Ukraine's Crimea region, where the Russians have military bases.
Earlier in the day, he ordered troops to return from military exercises.
But Putin also called last month's ouster of Ukraine president Viktor Vanukovych, who is sympathetic to Moscow, an "anti-constitutional" coup and reserved the right to use military force.
Oil prices settled $1.24 to $103.68 U.S. a barrel
Gold prices slid $17.00 to $1,333.30 U.S. an ounce.
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