Stock futures pointed to a lower opening for Canada's main stock index as gold prices slipped to a four-week low, feeling pressure from strength in the U.S. dollar and speculation that the U.S. Federal Reserve may press ahead with an interest rate rise this year.
The S&P/TSX composite index climbed 93.84 points to end Monday at 13,623.01
The Canadian dollar slipped 0.26 cents to 76.10 cents U.S. early Tuesday
WestJet Airlines reported a 95% rise in quarterly profit, helped by lower fuel costs. Net earnings rose to $101.8 million, or 82 cents per share, in the third quarter from $52.2 million, or 40 cents per share, a year earlier. Revenue rose 3.5% to $1.05 billion.
Royal Bank of Canada said its $5-billion deal to buy Los Angeles-based City National Corp gives it the option to evaluate other U.S. acquisitions over the medium to long term, its top executive said on Monday. However, the country's most valuable company is currently focused on organic growth and not looking for deals in the short term.
TransCanada Corp., the company behind the proposed Keystone XL pipeline on Monday asked the U.S. government to suspend review of the $8-billion project that sparked a political war between environmentalists and the oil industry, a move that could put its fate in the hands of the next U.S. president.
Valeant Pharmaceuticals International sought to reassure doctors on Monday that its decision to cut ties to a controversial specialty pharmacy would not disrupt doctors' ability to prescribe the company's drugs to patients.
CIBC cut the price target on Avigilon Corp. to $20.00 from $21.00 ahead of the company’s third-quarter results, believing the share price represents good value for investors at these price levels.
CIBC also cut the price target on Liquor Stores NA Ltd. to $13.50 from $14.50, expecting economic weakness in resource-based markets to continue to put pressure on the company’s third-quarter results.
ON BAYSTREET
The TSX Venture Exchange eased 2.46 points Monday to 539.57
ON WALLSTREET
U.S. stock futures are dipping in the red, though the move down is minor.
Ahead of the opening bell, futures for the Dow Jones faded 40 points, or 0.2%, to 17,695, futures for the S&P 500 dipped 5.5 points to 2,090, and futures for the NASDAQ settled 15.25 points to 4,678.75
Kellogg, Office Depot, Sprint and TransCanada Corp. are among companies reporting ahead of the market open.
Another batch after the closing bell will include Tesla, CBS, Groupon, Cablevision, Denny's, Herbalife and Etsy.
Shares in Activision are rising almost 3% in pre-market after it announced it is buying Candy Crush maker King Digital for $5.9 billion U.S.
Activision is best known for producing traditional video games like Guitar Hero and Call of Duty.
Shares in King surged Monday as investors anticipated a takeover.
UBS shares are down about 4% in Europe after the Swiss bank posted its latest earnings. Third-quarter numbers beat expectations but the Swiss bank said it expected a key measure of profitability to be weaker next year than previously forecast.
European markets are quiet in early trading, while most Asian markets ended with gains.
Oil prices moved up 28 cents to $46.42 U.S. a barrel
Gold prices fell $5.43 to $1,128.41 U.S. an ounce.
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