CNR, Medipharm in Focus
Futures for Canada's main stock index rose on Tuesday as commodity prices firmed and talks between U.S. President Joe Biden and Chinese leader Xi Jinping lifted global sentiment.
The S&P/TSX Composite dwindled 85.45 points to conclude Monday at 21,683.08.
Futures advanced 0.4% Tuesday.
The Canadian dollar dropped 0.16 cents to 79.75 cents U.S.
Canada's Trans Mountain oil pipeline has been shut down temporarily because of rainstorms pounding parts of the province of British Columbia.
Atlantic Equities initiated coverage on Canadian National Railway with a neutral rating
Canaccord Genuity cut the rating on Medipharm Labs to hold from speculative buy.
TD Securities raised the target price on Exchange Income Corp. to $55.00 from $53.00
On the economic slate, Canada Mortgage and Housing Corporation reported housing starts amounted to 264,264 units in October, down from 270,661 units in September.
ON BAYSTREET
The TSX Venture Exchange picked up 0.43 points Monday to 1,021.49.
ON WALLSTREET
Dow Jones Industrial Average futures gained after better-than-expected results from Walmart and Home Depot.
Futures for the 30-stock index jumped 57 points, or 0.2%, to 36,066.
Futures for the S&P 500 inched up 2.25 points, or 0.1%, to 4,681.25.
Futures for the NASDAQ Composite added 5.75 points to 16,193.50.
Walmart kicked off a busy week of retail earnings by saying third-quarter profit and revenue was well above estimates with U.S. same-store sales jumping 9.2%, excluding fuel.
The company also raised its forecast for 2021, saying adjusted earnings per share will be around $6.40 versus its prior expectations of between $6.20 and $6.35. The shares were higher by more than 1% in pre-market trading.
Home Depot’s third-quarter earnings beat estimates on a 9.8% sales burst. Shares gained 1.2% in pre-market trading.
A slew of economic data will be released on Tuesday, including retail sales figures for October. Economists surveyed by Dow Jones are expecting sales to have jumped by 1.5% last month, compared with 0.7% in September. Industrial production numbers will also be released, as well as the NAHB housing market index survey.
Overseas, the Nikkei 225 nosed up 0.1% Tuesday, while the Hang Seng in Hong Kong shot up 1.3%.
Oil prices moved up 57 cents to $81.45.
Gold prices brightened $11.00 to $1,877.60 U.S. an ounce
