Canada's main stock index looked set to open lower on Tuesday, as investors remain wary about upcoming earnings from key U.S. and Canadian companies and progress over the debt deal by U.S. lawmakers.
The S&P/TSX Composite Index gained 68.56 points to close out Monday at 12,794.25. Futures dropped 0.3% this morning.
The Canadian dollar dropped 0.14 of a cent to 100.58 cents U.S. Monday morning.
Inmet asked its shareholders to reject First Quantum Minerals Ltd's $5.1-billion hostile offer, terming the bid inadequate.
CIBC cut the price target on Canadian Natural Resources Ltd.to $34 from $35 on valuation changes due to the changing macro sentiment.
National Bank Financial raised CI Financial to outperform from sector perform, saying the company remains positioned to deliver strong AUM growth given superior fund performance and its strong distribution platform.
On the economic beat, Statistics Canada reported this morning that retail sales ran their winning streak to five straight months in November, improving 0.2% to $39.4 billion, as higher sales at motor vehicle and parts dealers as well as electronics and appliance stores more than offset declines at most store types.
StatsCan added that, in volume terms, retail sales rose 0.8%.
ON BAYSTREET
The TSX Venture Exchange took on 1.28 points by Monday’s end to 1,236.60
ON WALLSTREET
U.S. stocks headed for a muted open Tuesday as investors start the holiday-shortened week with an eye on corporate earnings.
Futures for the Dow Industrials slid 18 points, or 0.1%, to 13,558. Futures for the S&P 500 dropped 1.3 points, or 0.1%, to 1,476.50, and futures for the Nasdaq inched upward 0.25 points to 2,734.
Shares of DuPont rose in premarket trading after the company reported better-than-expected earnings and issued an upbeat outlook.
Verizon reported a wider quarterly loss ahead of the open. Wireless carriers are expected to have a rough quarter as profit margins get dinged by high subsidies paid to Apple for the iPhone 5.
Also ahead of the opening bell, Johnson & Johnson reported earnings and sales that were roughly in line with estimates. Google and IBM are on tap to report after the market close.
Overall, S&P 500 companies are expected to report earnings growth of 3.8% for the last three months of 2012, according to S&P's Capital IQ.
Investors will also get another look at the strength of the housing recovery Tuesday, with data on existing home sales due from the National Association of Realtors at 10 a.m. ET.
European markets edged lower in morning trading, while Asian markets ended mixed.
Japan's Nikkei 225 Index ended narrowly weaker and the yen firmed slightly against the dollar after the Bank of Japan raised its inflation target and announced unlimited government bond purchases from next year. The move was heavily trailed and some analysts said the bank could have been even more ambitious in its bid to stimulate growth.
Oil prices faded five cents to $95.51 cents U.S. a barrel
Gold prices gained $3.50 an ounce to $1,690.50 U.S.
