Equity investors moved cautiously back into the market Tuesday, after a bruising Monday spent pondering the future of Europe and its impact on the global banking system.
The Toronto Stock Exchange appeared headed for a slight rebound Tuesday as commodity prices regained some ground and investors awaited North American economic data, only a day after a U.S. congressional committee admitted there would be no deal on deficit reduction.
The Canadian dollar was little changed at 96.44 U.S. cents, while the euro traded at $1.3547 U.S.
In Canadian corporate news, baked goods and grocery giant George Weston Limited reports third-quarter net earnings attributable to common shareholders of $264 million or $1.94 per share, compared with $176 million or $1.26 per share in the same 2010 period. Revenue for the three months ended Oct. 8 was $10.06 billion, up from $9.8 billion in the prior-year period.
Homburg Invest Inc. saw its loss balloon to $70 million in the third quarter, or $1.95 per share, as the troubled Halifax-based investment company's expenses soared faster than its revenue grew. The company, which has been in a dispute with founding shareholder Richard Homburg, is operating under court-protection from its creditors.
Dow futures rose 54 points, or 0.5%, to 11,579 before the New York Stock Exchange opened. S&P 500 futures rose 7.7 points, or 0.7%, to 1,198.40.
The Canadian dollar was little changed at 96.44 U.S. cents, while the euro traded at $1.3547 U.S.
Britain's FTSE 100 rose 0.9%, France's CAC 40 gained 1% and Germany's DAX rose 1.1%
French bonds continued to reflect signs of investor concern. The extra yield demanded to lend to AAA-rated France for 10 years was 155 basis points more than the German rate, a gap that hit a record 200 basis points last week, up from 28 in April. France pays almost twice as much to borrow on the bond markets as Germany.
Hong Kong's Hang Seng rose 0.1%, while Japan's Nikkei dipped 0.4%.
Gold recovered, rising $19.80 to $1,698.40 U.S. an ounce.
Copper gained 1.5% to $3.35 U.S. a pound.
Crude oil rose $1.22 to $98.14 U.S. a barrel
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