The S&P/TSX Composite Index was set to rise on Tuesday, the first trading day of the year, as improved Chinese manufacturing data signaled stronger demand for industrial metals.
Among stocks to watch in this country, Vero Energy Inc. said it will sell some of its natural gas assets to a private oil and gas company for $209 million to reduce debt and focus on light oil drilling.
In analyst activity, Canadian National Railway saw its price target raised to $80 from $79 at Barclays, while rival Canadian Pacific Railway had its price target cut to $66 from $68, also at Barclays
The Canadian dollar traded at 99.06 U.S. cents.
Beyond our borders, stocks started the New Year on a high note as data showed that factories in China and Britain are still churning out goods and German unemployment is at a record low.
Britain's FTSE 100 rose 1.3%, while Germany's DAX gained 1.2%
U.S. stock futures rallied, with Dow futures up 1.5%, or 192 points, at 12,342 and S&P 500 futures gaining 1.6%, or 20.1 points, at 1,272.70 about a half hour before the New York Stock Exchange opens for business. Meanwhile, Nasdaq futures powered 35 points, or 1.5%, to 2,309.50
German unemployment fell more than expected in December, by 22,000 from the previous month to a seasonally adjusted 2.888 million. The jobless rate edged down to 6.8-6.9% in November -- a new record low since figures for unified Germany were first published.
British manufacturing also beat expectations in December, showing signs of stabilising after a two-month decline.
Japan's Nikkei rose 0.7%, and Hong Kong's Hang Seng gained 2.4%. France's CAC 40 index was the only major exception, declining 0.4%
China’s official Purchasing Managers’ Index rose to 50.3 in December from 49 in November, moving above the 50 mark which separates expansion from contraction. The index for non-manufacturing sectors rebounded to 56.0 from 49.7.
Gold rallied $23.50, to $1,590.30 U.S. an ounce.
Crude oil rose $1.89 to $100.72 U.S. a barrel.
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