Toronto's main stock index looked set to open higher on Tuesday, tracking global markets that rose on possibility of further policy stimulus in China.
The S&P/TSX Composite Index slid 10.32 points to end Monday at 11,566.15.
Bank of Nova Scotia reported that revenue rose 1% and profit fell 10% in the second quarter. Excluding unusual items, the bank’s net income climbed 16%.
Other stocks to watch included Lone Pine Resources Inc. Forest Oil Corp said a lawsuit was brought against it and Lone Pine Resources, which it earlier owned, that alleged Lone Pine made false statements and hid certain facts in its IPO prospectus.
Publisher Postmedia Network Canada Corp said it will cut costs by dropping some Sunday editions, charging online fees for several titles and centralizing more editorial production.
ON BAYSTREET
The TSX Venture Exchange gained 15.74 points to 1,322.54.
The Canadian dollar traded this morning down 0.01 cents to 97.66 cents U.S.
ON WALLSTREET
American stock market futures were up in advance of the opening bell on Tuesday, suggesting that stocks will rise, as investors pin hopes on improving consumer confidence in the U.S. and greater stimulus in China.
Futures for the Dow Jones Industrials jumped 82 points, or 0.7%, to 12,511, while S&P 500 futures took on 8.7 points, or 0.7%, to 1,323.70. Futures for the Nasdaq gained 16.75 points, or 0.7% to 2,540.75.
Key economic data releases today include the U.S. Conference Board’s consumer sentiment index, which is expected to rise, and the Case-Shiller housing price index, which is expected to have reduced its decline.
However, the data most likely to move markets won’t come until Thursday and Friday, when investors will see the latest U.S. jobless figures and purchasing managers’ index.
In Europe, major bourses were up slightly on relatively low trading volumes, with the exception of Spain, where the benchmark index continued its decline, falling nearly 3%. Spain has recapitalized one of its largest banks and Greece has injected 18-billion euros into its four largest banks.
Hong Kong’s Hang Seng index rocketed up 1.4%, while Japan’s Nikkei 225 index improved 0.7%.
London’s FTSE 100 index was up 0.2%, France’s CAC 40 gained 0.5%, and Germany’s DAX index progressed 0.7%.
Spain’s IBEX 35 index was down 2.6%.
Oil for July delivery sprang up 0.46 cents U.S. to $91.32 a barrel
Gold for June delivery gained 0.3% at $1,575.60 U.S. an ounce
