Canada's main stock index opened higher on Tuesday, helped by strength in shares of miners, as gold prices rose against a weaker dollar.
The TSX Composite recovered 63.52 points, to open Tuesday at 19,264.28.
The Canadian dollar gained 0.16 cents at 73.45 cents U.S.
Magna International said it had agreed to buy Veoneer Active Safety business for $1.53 billion in cash to bolster its portfolio of self-driving technology. Shares in the car-parts maker slumped $1.56, or 2%, to $76.36.
On the economic calendar, Statistics Canada said retail sales increased 1.4% to $62.0 billion in October. Sales were up in six out of 11 subsectors, representing 84.4% of retail trade. The increase was led by higher sales at gasoline stations (+6.8%) and food and beverage stores (+2.2%).
ON BAYSTREET
The TSX Venture Exchange pointed upward 4.9 points to 563.10.
Seven of the 12 subgroups lost ground in the first hour, with consumer discretionary stocks down 1.1%, health-care off 1%, and real-estate slipping 0.5%.
The five gainers were led by gold, sprinting 3.2%, materials, up 3.1%, and energy, ahead 0.3%.
ON WALLSTREET
Stocks wavered Tuesday after a surprise move from the Bank of Japan sent global bond yields up as traders fear a year-end rally may not come to pass.
The Dow Jones Industrials gained 122.19 points to begin Tuesday at 32,879.73
The S&P 500 regained 13.93 points to 3,831.59.
The NASDAQ Composite Index recovered 38.53 points to 10,584.56.
Overnight on Tuesday, the Bank of Japan moved to widen its cap on the 10-year Japanese government bond yield, catching traders around the world off guard. That added to pressure from other hawkish central banks, with both the European Central Bank and the Federal Reserve raising rates last week and stoking recession fears.
A handful of big companies will report their quarterly results this week ahead of the Christmas holiday. General Mills will report before the bell Tuesday. Nike and FedEx are set to report after the bell.
In economic data, housing starts data for November are due Tuesday morning. This week promises lots of insight into the housing industry. Sales data for existing homes and new homes will be released Wednesday and Friday, respectively.
November’s personal consumption expenditures report, a preferred measure of inflation for the Fed, is due on Friday.
Prices for the 10-year Treasury hurtled earthward, raising yields to 3.68% from Monday’s 3.59%. Treasury prices and yields move in opposite directions.
Oil prices took on 75 cents to $75.94 U.S. a barrel.
Gold prices popped $32.40 to $1,830.10 U.S. an ounce.
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