Canada's main stock index looked set to open higher on Tuesday, tracking global markets after stronger than expected German data boosted confidence in the health of the global economy.
The Canadian dollar climbed 0.23 cents to 100.94 cents U.S.
Among stocks to watch this morning, Kirkland Lake Gold Inc. posted a higher quarterly profit helped in part by a rise in gold production. But the company lowered its fiscal year 2012 production outlook.
Commercial printer Transcontinental Inc. posted a first-quarter loss on a tax provision.
U.S. index futures were higher with about two hours before markets open, suggesting that stocks will rise at the start of trading. Futures for the Dow Jones industrial average were up 69 points or 0.5% to 12,966. Futures for the broader S&P 500 were up 6.9 points or 0.5% to 1,373.70, while futures for the Nasdaq gained 15.25 points, or 0.6% to 2,662.25.
The U.S. Federal Reserve is expected to deliver its monetary policy statement at 2:15 p.m. (ET).
While no one expects the central bank to move its key interest rate, its statement could include subtle word changes to reflect an improving economic backdrop. In recent congressional testimony, Fed chairman Ben Bernanke failed to give any indication that the Fed was considering another round of quantitative easing -- a method of holding down long-term bond yields -- which weighed on stocks and hammered the price of gold.
The gains follow moves in Europe, where finance ministers agreed on Greece's next round of bailout cash -- but, worryingly, also eased back Spain's deficit target for this year to 5.3% from 4.4%. Spain is widely seen as another potential phase in Europe's ongoing sovereign-debt crisis, given the country's big deficits and deteriorating economy.
Nonetheless, the U.K.'s FTSE 100 rose 0.9% and Germany's DAX index rose 1% in afternoon trading. In Asia, Japan's Nikkei 225 rose 0.1% in overnight trading, while Hong Kong’s Hang Seng index gained 1%.
Commodity prices were mixed. Crude oil rose to $106.81 U.S. a barrel, up 0.8%. Gold fell to $1,695 U.S. an ounce, down 0.3%.
