Canadian stock index futures pointed to a slightly lower open on Tuesday, as a fall in commodity prices and uncertainty about Spain's desire for an international aid package weighed on investor sentiment.
The S&P/TSX composite index ended Monday 52.61 points lower at 12,446.86. Canada stock futures traded down 0.06%
The Canadian dollar dropped Tuesday morning by 0.05 cents to 102.55 cents U.S.
Canaccord Genuity cuts target price for Rona Inc. to $12 from $14 and National Bank Financial cuts target price to $13 from $14; citing Lowe's Cos Inc withdrawal of its proposal to acquire the home improvement retailer
ON BAYSTREET
TSX Venture Exchange inched down 0.2 of a point to 1,317.91.
ON WALLSTREET
U.S. stock futures were little changed Tuesday, as worries about Europe and the global economy kept investors sidelined.
Futures for the Dow Jones Industrials pulled back 12 points, or 0.1%, to 13,458, about 30 minutes before the opening bell. Futures for the S&P 500 dipped 2.7 points, or 0.2%, to 1,451.30, and for the Nasdaq, futures fell 3.3 points, or 0.1%, to 2,843
Other signals on the state of the economy included the Commerce Department's second-quarter data on the nation's current trade deficit, which fell from $133 billion to $117 billion. A Treasury Department report at 9 a.m. ET will show the most recent foreign purchases of Treasuries in July.
Also on tap is a monthly report on builder confidence from the National Association of Home Builders, which will be released at 10 a.m. ET. The index is expected to come in at 38, up from 37 last month, according to a survey of analysts by Briefing.com.
On the domestic front, FedEx reported better-than-expected earnings. But the delivery company cut its outlook for the rest of the year and said it would raise shipping rates, citing pressure from "weak global economic conditions."
The euro lost ground against the U.S. dollar, but, at $1.30, still remains at a five-month high. European stocks slid between 0.7% and 1% in midday trading.
Asian markets remained under pressure as investors worried about U.S. trade relations with China. This week, a territorial dispute heated up over a small group of uninhabited islands claimed by both Japan and China. Asian markets ended lower with the Shanghai Composite dropping 0.9%, the Hang Seng in Hong Kong sliding 0.3% and Japan's Nikkei falling 0.4%.
Oil prices fell for the second day in a row to $95.60 U.S. a barrel, after plunging more than $3 in less than a minute during Monday's trading session. The U.S. Commodities Futures Trading Commission is reportedly investigating the cause, which left many traders scratching their heads.
Gold futures for December delivery dropped $11.10 to $1,759.50 U.S. an ounce.
