Stock futures pointed to a flat opening for Canada's main stock index on Tuesday as a wave of end-of-year risk aversion swept through global markets and oil prices hit a new five-and-a-half-year low.
The S&P/TSX composite index moved higher 54.67 points to close Monday’s session at 14,663.92. Futures were up a mere 0.01%.
The Canadian dollar added 0.16 cents to 86.10 cents U.S. early Tuesday.
Brent crude oil fell to less than $57 U.S. a barrel as a global supply glut outweighed concerns of lost supply from Libya where battling militias have closed ports.
Canadian stocks rose on Monday in the first trading session after the Christmas holiday, led by bank shares.
ON BAYSTREET
The TSX Venture Exchange gained 7.29 points Monday to 681.61
ON WALLSTREET
U.S. stock futures are pointing to a soft start as the price of oil continues to fall.
Ahead of the opening bell, futures for the Dow Jones Industrials capsized 30 points, or 0.2%, to 17,952. Futures for the S&P 500 dipped 4.75 points, or 0.2%, to 2,081, and futures for the NASDAQ stepped back 6.50 points, or 0.2%, to 4,304.50.
Crude oil futures are trading below $53 U.S. Tuesday morning a barrel as worries about a global supply glut resurface.
Energy stocks, including Transocean, were under pressure in pre-market trading.
Oil prices have nearly halved this year on concerns about elevated supplies and weak global demand, and this has dented investor confidence over the past few months.
The Case-Shiller 20-city index, which measures the health of the U.S. housing market, will be released at 9 a.m. ET.
The Conference Board's consumer confidence index comes out at 10 a.m.
European markets are losing ground in early trading as investors consider the potential consequences of an upcoming election in Greece. Stocks in Athens were down slightly.
Major Asian markets closed lower. Japan's Nikkei 225 index dropped 1.6% on its final trading day of the year, while Hong Kong's Hang Seng closed with a loss of 1.1%.
Oil prices fell 50 cents to $53.11 U.S. a barrel
Gold prices gained $2.50 to $1,184.40 U.S. an ounce.
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