Stock futures pointed to a higher opening for Canada's main stock index after oil prices rose as data showed Chinese oil demand likely hit a record high in 2015.
The S&P/TSX composite index plunged 131.29 points, or 1.1%, to end Monday at 11,942.17, a fresh two-and-a-half-year low.
The Canadian dollar acquired 0.33 cents to 69.02 cents U.S. early Tuesday.
U.S.-based solid waste collection company Waste Connections Inc it agreed to buy Progressive Waste Solutions for $2.67 billion U.S. to expand in Canada. The $24.55-per-share offer represents a premium of 4.4% to the closing price of Progressive Waste's U.S.-listed stock.
The combined company will be domiciled in Canada after the deal closes in the second quarter of 2016.
Potash Corp said it would "indefinitely" suspend potash mining at Picadilly, New Brunswick in Canada in response to weakening demand for the crop nutrient. Potash Corp said the suspension would lead to 420-430 job cuts in New Brunswick
Canaccord Genuity cut the rating on Rock Energy to speculative buy from buy and cuts target price to $2.00 from $2.50 based on changes to the commodity price forecast.
On the economic beat, Statistics Canada reported that Canadian investors bought up a record $16.5 billion of foreign securities in November, most of them U.S. securities. Meanwhile, foreign investment in Canadian securities slowed to $2.6 billion, largely on lower acquisitions of Canadian bonds.
ON BAYSTREET
The TSX Venture Exchange dropped 3.89 points Monday to 485.07.
ON WALLSTREET
Futures are green across the board stateside and crude futures have their sights set on forging above $30.00 U.S.
Ahead of the opening bell, futures for the Dow Jones Industrials leaped 233 points, or 1.5%, to 16,145, futures for the S&P 500 hiked 27 points, or 1.4%, to 1,902. NASDAQ futures propelled 61.25 points, or 1.5%, to 4,202. Markets were closed Monday in the states for Martin Luther King Day.
Bank of America, M&T Bank and Morgan Stanley continue the slew of bank earnings before the opening bell. After the close, IBM and Netflix will report results.
European markets are up around 1.5% in early trading, with long-battered mining and shares soaring in London. Asian markets ended higher. Shares in Shanghai jumped more than 3%, The Hang Seng closed up 2% and the Nikkei ended the day 0.5% higher.
China has posted its weakest annual economic growth in a quarter century. Gross domestic product expanded 6.9%, in line with economists’ expectations.
Oil prices gained 22 cents to $29.64 U.S. a barrel
Gold prices faded $3.11 to $1,086.57 U.S. an ounce.
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