Canada's resource heavy stock market looked set to open higher on Wednesday as encouraging manufacturing data from China and Germany boosted commodity prices.
The S&P TSX Composite Index ended January at 12,452.15, more than 15 points higher after struggling much of Tuesday. Even so, the index climbed 2.9% on the month, an encouraging start to the year.
The Canadian dollar surmounted parity with the U.S. dollar, gaining 0.40 to 100.14 cents U.S.
Among a slew of Canadian stocks to watch this morning, Suncor Energy Inc. said on Tuesday its fourth-quarter profit rose 10%, helped by higher oil prices.
Toronto-Dominion Bank said on Tuesday it is not looking to expand its wealth management arm through acquisitions in Canada or the United States, preferring to grow by offering clients a broad array of investment services.
Meantime, U.S. stocks were headed for a modestly higher open Wednesday, as investors welcomed stronger manufacturing data around the world.
S&P 500 futures jumped 7.5 points, or 0.6%, to 1,315.70, while Dow Jones industrial average futures picked up 83 points, or 0.7%, to 12, 660 and Nasdaq futures were up 10.75 points, or 0.4% to 2,475 ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.
Manufacturing activity picked up in China, Germany, France and the United Kingdom in January, according to separate reports. Investors will also closely watch a reading on U.S. manufacturing, the ISM Manufacturing Index, due later in the morning.
Meanwhile, the other big news Wednesday looks likely to be Facebook's long-awaited IPO filing.
According to reports from outlets including the New York Times and CNBC, Facebook is seeking to raise up to $5 billion U.S. in its offering.
If that number is correct, Facebook would by far be the largest global IPO by an Internet-focused company, according to data from Dealogic. Some experts have suggested that the social network could be valued between $75 billion and $100 billion U.S. once it starts trading, which will likely happen a few months after its initial filing.
European stocks posted solid gains in mid-day trading. Britain's FTSE 100 added 1.3%, the DAX in Germany gained 1.9% and France's CAC 40 rose 1.5%.
Asian markets ended most lower. The Shanghai Composite fell 1.1%, the Hang Seng in Hong Kong dropped 0.3% and Japan's Nikkei was flat.
Oil for March delivery gained 41 cents to $98.89 U.S. a barrel.
Gold futures for April delivery rose $7.90 to $1,745.70 U.S. an ounce.
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