Canada's main stock index looked set to open lower on Tuesday, as stalled Greek debt talks raised concerns about the global economy and pulled down commodity prices, a bearish sign for mining and energy stocks.
The Canadian dollar was down 0.39 of a cent to 98.88 cents U.S.
On the earnings front, Canadian National Railway Co. announced it is raising its quarterly dividend by 15% to 37.5 cents per share, starting with the next payout in March.
CN generated a profit of $592 million or $1.32 per diluted share in the fourth quarter of 2011, as revenue rose 12% from a year before to a record $2.38 billion. Its shares were up 1.5% in pre-market trading in New York.
Economically speaking, Statistics Canada reported this morning that retail sales continued their hot streak in November, rising for the fourth straight month, this time by 0.3% to $38.7 billion. In all, seven of 11 subsectors reported growth.
Meantime, U.S. stocks are set to open in the red Tuesday, as investors await progress on Greek debt talks and wade through another batch of corporate results.
Dow futures faded 44 points, or 0.4%, to 12,606, indicating a weaker opening about an hour later. S&P futures dipped 7.60 points, or 0.6%, to 1,303.50, Nasdaq futures demurred 10 points, or 0.4%, to 2,425.
Investors pondered another round of corporate results, including Dow components Verizon, McDonald's, Johnson & Johnson and Travelers before the opening bell. In the afternoon, tech leaders Apple and Yahoo will also announce their results.
Following their fourth-quarter earnings reports, Coach shares rose 3.4%, Texas Instruments shares rose 1.2%, Harley-Davidson shares fell 2.1%, and Regions Financial shares fell 1.2% in premarket trading.
Travelers shares slumped 1.3% and DuPont shares fell 0.1%.
Verizon was expected to report earnings of 53 cents U.S. a share, but missed by a penny. Shares fell 1.3% in premarket trading.
McDonald's beat earnings and revenue forecasts, sending its shares 0.3% higher in premarket trading. While Johnson & Johnson also beat expectations on earnings, the company fell short on revenue -- sending its shares down 0.1%.
After the close, Apple is expected to post earnings of $10.08 U.S. a share, a steep rise from the $6.43 U.S. it reported a year earlier, while Yahoo earnings are projected to be unchanged from the 24 cents U.S. per share posted in the fourth quarter of 2010.
Yahoo announced last week that company co-founder Jerry Yang resigned from its board of directors and all other positions at the company.
European stocks fell in afternoon trading. Britain's FTSE 100 slid 0.8%, the DAX in Germany dropped 1%, and France's CAC 40 lost 1.1%.
Anxiety remains about the European debt crisis and, in particular, Greece's ongoing negotiations with representatives of private-sector creditors to reduce its debt burden.
A deal is a key condition for Greece to receive additional bailout funds from the European Union and International Monetary Fund. Without this financial support, Greece may not be able to make a €14-billion payment it owes on bonds due March 20.
Markets in Hong Kong and China were closed Tuesday for Chinese New Year. Japan's Nikkei ended up 0.2%.
Oil for March delivery slipped 33 cents to $99.25 U.S. a barrel.
Gold futures for February delivery fell $10 to $1,668.30 U.S. an ounce.
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