The Toronto stock market looked set for a slightly higher start to the session Tuesday amid higher commodity prices.
The S&P/TSX composite index was down 53.08 points to close Monday at 12,748.15
The Canadian dollar faded about half a cent to 99.52 cents U.S. Tuesday, as traders took in a statement by the G7 group of leading industrialized countries, including Canada, which affirmed their commitment to exchange rates determined by markets and not government policy.
In Canada, the corporate earnings season picks up momentum this week.
Novagold Resources Inc. said Tuesday that the spinoff of its copper assets last year and other factors produced a $67.6-million net profit for the 2012 financial year, or about nine cents per share. The Vancouver-based company, which is in the development phase and not producing sales revenue, had $253 million in cash and equivalents when the year ended Nov. 30.
Pipeline company TransCanada also posts quarterly results during the session.
Over the rest of the week, traders will take in reports from resource giants including Talisman Energy, Cenovus Energy, gas giant EnCana Corp.and Barrick Gold. Outside of the resource sector, Sun Life Financial, and telecoms Telus Corp. and Rogers Communications will also hand in results.
ON BAYSTREET
The TSX Venture Exchange dropped 9.50 points Monday to 1,196.31
ON WALLSTREET
U.S. stocks remain stuck as investors find little reason to jump in or out of equities.
Futures for the Dow Industrials gained 10 points, or 0.1%, to 13,934. Futures for the S&P 500 took on 2.5 points, or 0.2%, to 1,515.60, and futures for the NASDAQ docked a point to 2,770.
As of Monday, two-thirds of the companies in the S&P 500 had reported results for the fourth quarter, with 70% beating forecasts.
Markets have had a good run so far in 2013. The Dow and S&P 500 are both up nearly 7% and still within range of their all-time highs, while the NASDAQ has gained nearly 6%.
McGraw-Hill, the owner of rating agency Standard & Poor's, reported a rise in revenue and logged quarterly earnings per share that were in line with expectations. Barclays posted a drop in profit and announced that it is cutting 3,700 jobs.
Meanwhile, Coca-Cola reported earnings that slightly topped expectations, and Michael Kors posted results that blew past forecasts -- sending shares 11% higher.
This afternoon, the U.S. Treasury Department will release its monthly budget data.
Overseas, G-7 finance ministers reaffirmed their commitment to have "market determined exchange rates" early Tuesday. The statement also mentioned having each countries' fiscal and monetary policy focus on domestic issues and "not target exchange rates."
The statement comes amid growing concern that the economic policies of Japanese Prime Minister Sinzo Abe are aimed at spurring economic growth by driving the value of the yen lower in order to boost exports income. Japan is a member of the G-7.
European markets were mostly higher in morning trading on subdued corporate earnings outlooks.
Japan's Nikkei ended up 1.9% after favourable monetary policy comments from contenders to be the next Bank of Japan governor.
Oil prices prospered 69 cents to $97.72 U.S. a barrel
Gold prices reversed $2.40 an ounce to $1,646.70 U.S.
