Futures for Canada's main stock index rose on Tuesday, as bullion prices were supported by hopes of fresh economic stimulus amid a surge in global coronavirus cases.
The TSX closed Monday down 161.52 points to 17,387.40.
The Canadian dollar nicked higher 0.04 cents to 78.40 cents U.S.
December futures progressed 0.4% Tuesday.
ATB Capital Markets raised the rating on Hexo Corp to sector perform from underperform.
TD Securities initiated coverage on Topaz Energy with a buy rating and price target of $17.00
On the economic calendar, Statistics Canada reported manufacturing sales rose 0.3% to $54.1 billion in October on higher sales of non-durable products. Nevertheless, sales in the manufacturing sector were 3.0% below their pre-pandemic levels in February.
Canada Mortgage and Housing Corporation reported the trend in housing starts was 231,491 units in November, up from 222,989 units in October. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
Canada kicked off its inoculation campaign against COVID-19 on Monday by injecting frontline healthcare workers and elderly nursing home residents, becoming just the third nation in the world to administer the Pfizer/BioNTech vaccine.
ON BAYSTREET
The TSX Venture Exchange forged out gains of 2.17 points Monday to 782.47.
ON WALLSTREET
U.S. stock futures rose in early trading Tuesday as Congress continued negotiations on another economic relief package and COVID-19 vaccines began to roll out across the country.
Futures for the Dow Jones Industrials sprinted 167 points, or 0.6%, at 29,948.
Futures for the S&P 500 jumped 24.25 points, or 0.7%, at 3,664.25.
Futures for the NASDAQ Composite climbed 83 points, or 0.7%, to 12,545.50.
Lawmakers released the latest proposal for another round of economic relief on Monday evening, splitting a previous bipartisan proposal into two parts.
The new plan calls for $748 billion in spending for programs that are popular on both sides of the aisle, including an additional $300 per week in federal unemployment benefits and another $300 billion for more loans under the Paycheck Protection Program.
A second $160-billion bill would include the more contentious areas of business liability protections and financial aid to state and local governments.
The first round of shots from the vaccine developed by Pfizer and BioNTech were given in the U.S. on Monday, but the country also passed 300,000 deaths from Covid-19, according to data from Johns Hopkins University. New York City Mayor Bill de Blasio also warned residents that a full shutdown may be needed to protect the city’s hospitals.
On Tuesday morning, the Food and Drug Administration said the data on Moderna’s coronavirus vaccine met expectations for emergency use, a crucial step before a full approval. If the FDA greenlights the vaccine, it would be the second approved for use in the U.S. behind Pfizer’s. Shares of Moderna gained 1.2% in pre-market trading on Tuesday.
The Federal Reserve will also begin its two-day December meeting, with a policy statement and press conference for Chair Jerome Powell scheduled for Wednesday.
Overseas, in Japan, the Nikkei 225 headed south 0.2% Tuesday, while in Hong Kong, the Hang Seng index fell 0.7%.
Oil prices acquired 33 cents to $47.32 U.S. a barrel.
Gold prices improved $21.20 at $1,853.30 U.S.
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