Markets in Canada’s largest market were poised to open higher on Tuesday after U.S. President Donald Trump postponed the imposition of steel and aluminum tariffs on the country, the European Union and Mexico.
The S&P/TSX Composite Index lost 61.05 points to end Monday at 15,607.88
The Canadian dollar retreated 0.22 cents to 77.68 cents U.S. early Tuesday
June futures tacked on 0.1% Tuesday
The White House said Monday that Trump has postponed the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached agreements for permanent exemptions for Argentina, Australia and Brazil.
Encana beat analysts' estimates with a 50% rise in adjusted profit for the first quarter, helped by higher production and stronger prices for its crude.
Canada's stock exchange, the world's sixth largest, was back in business on Monday after a hardware glitch abruptly ended trading on Friday and the exchange operator TMX Group said it was working to ensure there will be no repeat of the embarrassing market disruption.
CIBC cut the rating on Canadian National Railway to neutral from outperform
Credit Suisse cut the rating on Norbord Inc. to neutral from outperform
On the economic front, Statistics Canada said Canada’s Gross Domestic Product rose 0.4% in February, as 15 of 20 industrial sectors increased. The growth was led by a rebound in the mining and oil and gas extraction sector.
ON BAYSTREET
The TSX Venture Exchange dropped 0.13 points Monday to 783.63
ON WALLSTREET
U.S. stock index futures fluctuated ahead of Tuesday's open, as investors turned their attention to the corporate and central banking space.
Futures for the Dow Jones Industrial Average gave back 36 points, or 0.2%, to 24,095
S&P 500 futures dipped 2.25 points, or 0.1%, to 2,644.75, while futures for the NASDAQ composite index lost 10.5 points, or 0.2%, to 6,602.50
Tuesday looks to be a busy earnings day, as Apple, Merck, Pfizer, Aetna, Archer Daniels, Midland, AutoNation, Tapestry, Under Armour, Imax, Mondelez International, T-Mobile US, Western Union, Yum China and Snap are all scheduled to publish their latest results.
In data, the manufacturing purchasing managers' index (PMI) is scheduled to be released at 9:45 a.m. ET, followed by manufacturing Institute for Supply Management report on business and construction spending at 10 a.m. ET and the Dallas Fed's Texas service sector outlook survey at 10:30 a.m. ET.
The Federal Opening Market Committee will begin the first day of its two-day meeting; the group is expected to discuss the current state of the U.S. economy and monetary policy.
At the monetary policy event, market participants are not expecting any alterations to interest rates; however, a change in rhetoric could occur. The central bank's decision is due Wednesday.
In Japan, the Nikkei 225 gained 0.2%, while much of the region, including Hong Kong, had the day off.
Oil prices fell 65 cents to $67.92 U.S. per barrel.
Gold prices slumped $11.60 to $1,307.60 U.S. an ounce.
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