Futures pointed to a higher opening for Canada's main stock index on Tuesday as crude prices rose, supported by supply cuts by the
Organization of the Petroleum Exporting Countries
The S&P/TSX Composite Index surged 111.02 points to conclude Monday at 16,251.37.
The Canadian dollar gained 0.17 cents to 75.14 cents U.S. early Tuesday
June futures gained 0.3% Tuesday.
Cormark Securities resumes coverage on Air Canada with buy rating and $47.00 target price
CIBC cut the target price on Autocanada to $12.50 from $13.00
National Bank of Canada raised the target price on Boralex to $25.00 from $24.00
Finance Minister Bill Morneau is expected to unveil a stimulus-filled federal budget, the last budget ahead of the federal election in October.
The Alberta government says the province will increase crude production limits by 25,000 barrels per day in May and a further 25,000 bpd in June
ON BAYSTREET
The TSX Venture Exchange powered ahead 4.82 points Monday to 632.59
ON WALLSTREET
U.S. stock index futures traded higher on Tuesday, broadly supported on expectations the Federal Reserve could strike a dovish tone at its latest monetary-policy meeting.
Futures for the Dow Jones Industrial Average sprang up 100 points, or 0.4%, at 26,065
Futures for the S&P 500 gained 10 points, or 0.4%, at 2,850.50
NASDAQ futures hiked 30 points, or 0.4%, to 7,390.75
Steelcase Inc. and The Michaels Companies Inc. are among the firms out with earnings Tuesday.
On the data front, January factory orders numbers are due at 10 a.m. ET.
The Fed is set to kick off its two-day policy meeting later in the day. Market expectations for a rate hike are at zero, with most investors pricing in no change in policy. However, investors will look for clues on the Fed's economic outlook.
The Fed is also expected to lower its interest rate forecasts — or "dot plots" — to show little or no further tightening in 2019.
Overseas, in Japan, the Nikkei 225 dipped 0.1% Tuesday, while in Hong Kong, the Hang Seng Index crept up 0.2%
Oil prices picked up 38 cents to $59.47 U.S. a barrel.
Gold prices soared $6.70 to $1,308.20 U.S. an ounce.
