As politicians in Greece and Italy struggled to figure out who will be running two of Europe's most indebted countries, every major index in Europe and the pre-market in North America found themselves on the rise European stocks, U.S. stock futures, oil, copper, and the U.S. dollar rose.
Toronto's main stock index looked set to open higher on Tuesday, supported by stronger commodity prices, ahead of a crucial Italian parliamentary vote on budget reforms.
Among stocks to watch soon after the opening bell, TMX Group, the Toronto Stock Exchange operator, reported a 21% rise in quarterly profit, helped by higher revenue from derivative markets trading.
Uranium One Inc. posted a third-quarter profit that beat analysts' estimates, helped by higher realized prices.
Capstone Mining Corp. said its quarterly profit rose three-fold, gaining on derivative instruments, and the Canadian copper miner backed its full-year production outlook.
The U.S. dollar edged higher against the loonie, which traded at 98.39 U.S. cents.
Dow futures were up 51 points, or 0.4%, at 12,058, while S&P 500 futures edged five points, or 0.4%, higher to 1,262.50.
Britain's FTSE 100 gained 1.4%, France's CAC 40 rose 1.6%, and Germany's DAX climbed 1.7%
Ten-year Italian bonds were yielding more than 6.7%, closing in on the 7% level that prompted Ireland and Portugal to seek bailouts, as politicians in Rome readied for a crucial vote on public finances that may topple Prime Minister Silvio Berlusconi’s government. The unsustainable yields could force the European Union’s third-largest economy to seek a bailout.
Meanwhile, in Greece, attempts were still under way to form a consensus government to keep the country in the euro zone. Socialist Prime Minister George Papandreou, who agreed to step down Sunday, and conservative party head Antonis Samaras have been wrangling over who will lead an interim government that aims to secure a new $179-billion U.S. European rescue package.
European leaders stepped up the pressure for a quick resolution by holding back the loan, without which Greece will go bankrupt.
The euro slipped to $1.3764 U.S.
Gold was steady near $1,790 U.S. an ounce. Copper gained 0.6%, rising to $7,870 U.S. a tonne. U.S. crude oil rose 0.6% to $96.13 U.S. a barrel.
Related Stories
