Stock futures pointed to a higher start for equity markets in Toronto on Tuesday as crude oil prices recovered from multi-year lows and investors braced for the U.S. Federal Reserve's interest rate decision this week.
The S&P/TSX composite index finished negative 94.46 points to close Monday at 12,695.49. Futures Tuesday climbed 0.5%.
The Canadian dollar gained 0.12 cents to 72.95 cents U.S. early Tuesday
Department store operator Hudson's Bay Co is close to a deal to buy online luxury retailer Gilt Groupe for about $250 million U.S., the Wall Street Journal reported.
Data from consulting firm PayNet showed commercial borrowing by small firms in Canada climbed in October, a sign that companies in the energy-dependent economy are adjusting to sharply lower oil prices and showing signs of expanding once more.
On the economic front, Statistics Canada reported that manufacturing in this country declined 1.1% to $50.4 billion in October, the third straight decrease.
Elsewhere, the Canadian Real Estate Association was due out this morning with MLS sales for October.
ON BAYSTREET
The TSX Venture Exchange retreated 5.91 points Monday to 496.18.
ON WALLSTREET
U.S. stock futures are rising ahead of the open and nearly all European markets are jumping by about 1% to 2% in early trading. This, on the eve of a Federal Reserve rate decision, almost universally expected to include a rate hike.
Ahead of the opening bell, futures for the Dow Jones leaped 80 points, or 0.5%, to 17,334, futures for the S&P 500 gained 12.5 points, or 0.6%, to 2,002. NASDAQ futures hiked 24 points, or 0.5%, to 4,584.5
The U.S. federal government will update its inflation data for November this morning. Inflation data in October was in line with expectations, showing prices increased about 0.2%.
The Federal Reserve is widely expected to hike rates Wednesday for the first time in nearly a decade.
The Fed slashed interest rates to just above zero in December 2008 to stimulate the economy and boost the housing market during the Great Recession.
Asian markets ended the day with mixed results.
Oil prices faded 13 cents to $36.18 U.S. a barrel
Gold prices gained $4.70 to $1,064.56 U.S. an ounce.
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