Stock index futures in Canada edged up as investors keenly await key growth data for August which is expected to a show an expansion from a month earlier
The S&P/TSX Composite nicked up 2.11 points to close Monday at 14,787.40.
The Canadian dollar gained 0.17 cents to 74.72 cents U.S. early Tuesday.
Thomson Reuters said it would eliminate about 2,000 jobs worldwide and take a fourth-quarter charge of $200 million to $250 million to streamline its business. The restructuring across 39 countries and 150 locations would mainly affect the Financial & Risk business and the Enterprise, Technology & Operations Group.
WestJet Airlines reported a 14% rise in quarterly profit as it flew more passengers. The company's net earnings rose to $116 million, or 97 cents per share, in the third quarter ended Sept. 30 from $101.80 million, or 82 cents per share, a year earlier. The revenue rose 7.6% to $1.12 billion.
BlackBerry has signed a deal to work directly with Ford Motor Co to expand the carmaker's use of its QNX secure operating system, as Ford develops increasingly automated vehicles.
Cipher Pharmaceuticals has hired an investment bank to review strategic alternatives, including a potential sale. The strategic review comes amid increased U.S. scrutiny of specialty drug prices, which has weighed on the valuations of many Canadian specialty pharmaceutical companies with U.S. revenues.
Valeant Pharmaceuticals International says its former chief executive and chief financial officer are at the centre of a U.S. criminal probe against the drug maker over its ties to a specialty pharmacy that helped boost its sales. The case against Valeant could yield charges within weeks, or lead to a settlement with the company
Berenberg raised the target price on First Quantum Minerals to $8.25 from $8.00, saying that the company is a growing copper miner with operations on track to meet guidance and cash costs.
CIBC initiates coverage on Lundin Gold with outperform rating and $7.30 price target, stating that the company is an attractive development project that has greater certainty of project economics.
CIBC raises target price on Vermilion Energy to $57.50 from $55.00, to reflect the company’s portfolio strength.
On the economic front, Statistics Canada reported real gross domestic product inched ahead 0.2% in August, following a 0.4% gain in July. The agency said the output of goods-producing industries rose while service-producing industries were essentially unchanged.
RBC manufacturing PMI for October is also on the economic calendar.
ON BAYSTREET
The TSX Venture Exchange sagged 3.09 points Monday to 772.78
ON WALLSTREET
U.S. stock index futures indicated a higher open on Tuesday, as investors prepared for further earnings and data releases, amid uncertainty surrounding the U.S. election and what the Fed might do next.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 14 points, or 0.1%, to 18,076, while futures for the S&P 500 hiked 2.5 points, or 0.1%, to 2,122.50. NASDAQ futures climbed 4.75 points, or 0.1%, at 4,801.50
On Tuesday, the U.S. Federal Open Market Committee kicks off its two-day monetary policy meeting where it is set to discuss the current state of the U.S. economy. Investors will be keeping an eye on the meeting for any signals as to when the central bank could raise interest rates.
Aside from politics and central bank decisions, earnings and data are also set to move markets on Tuesday. On the earnings front, Kellogg, Thomson Reuters, Etsy, Electronic Arts, Western Union and Square are some of the big names reporting. Pfizer and Coach both reported before the bell.
Meanwhile on the economic plate, Markit U.S. Manufacturing Purchasing Managers Index data is expected at 9:45 a.m. ET, while at 10 a.m. ET, Institute for Supply Management manufacturing and construction spending are also set to report.
Oil prices faded 17 cents to $46.69 U.S. a barrel
Gold prices picked up $14.10 to $1,287.20 U.S. an ounce.
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