Canadian stock index futures signaled a higher open in Toronto on Tuesday after gold recovered from its biggest-ever daily loss in the previous session.
The S&P/TSX index plunged 332.71 points, or 2.7%, to conclude Monday’s disastrous session at 12,004.88, but Tuesday’s futures were up 1%.
The Canadian dollar gained 0.37 cents to 97.91 cents U.S. early Tuesday.
Gold rose 2.6% as the market tried to find its feet after the previous session's record-breaking daily loss, but even as physical buyers seized on the lower prices investors feared more falls.
CIBC cut the target price on Parkland Fuel Corp to $19.25 from $20 on lower earnings estimates following an in-depth company outlook
CIBC cut the target price on Sun Life Financial to $31 from $32 on expectations of headline numbers falling, says progress should be gradual in 2013.
On the economic front, figures released this morning by Statistics Canada revealed that manufacturing sales advanced 2.6% to $49.6 billion, the largest increase since July 2011.
The agency also reported that folks living offshore reduced their holdings of Canadian securities by $6.3 billion in February, dropping holdings of equities and money market instruments. Meanwhile, Canadian investors acquired $4.4 billion in foreign instruments, largely bonds.
ON BAYSTREET
The TSX Venture Exchange plummeted 64.35 points Monday to 958.26
ON WALLSTREET
Investors will have a lot to consider Tuesday, with a full slate of corporate results and economic reports on tap and the aftermath of the devastating Boston Marathon bombings.
Futures for the Dow Industrials galloped 140 points, or 1%, to 14,652. Futures for the S&P 500 advanced 14.80 points, or 1%, to 1,558.30, and futures for the NASDAQ tacked on 26 points, or 0.9%, to 2,809.50
Goldman Sachs, Johnson & Johnson and Coca-Cola released results before the open, while Intel and Yahoo are on tap after the market closes.
Goldman Sachs reported earnings and revenues that topped forecasts, and the stock edged up in pre-market trading. Johnson & Johnson and Coca-Cola also reported better-than-expected profits. Shares of both Dow components were higher in pre-market trading.
Stocks fell Monday, with the sell-off intensifying following news of two explosions in Boston. The Dow plunged 266 points, or 1.8%, while the Nasdaq and S&P both lost more than 2%.
CNN reported that the bombs exploded near the end of the race, killing three people and injuring at least 144. The FBI has taken the lead in investigating the attacks.
On the economic front, reports on inflation, housing starts, building permits and industrial production are all due in the morning. The International Monetary Fund is also due to release new global economic forecasts Tuesday.
The CPI is expected to have slipped 0.1% in March, according to a consensus of economist opinion compiled by Briefing.com.
Industrial production is forecast to have gained 0.3% in March. Housing starts are expected to have risen to an annual rate of 935,000 last month, and building permits are expected to have been virtually flat at an annual rate of 945,000.
European markets were weaker in morning trading on concerns about slowing global growth, while Asian markets ended mixed. The Nikkei dropped 0.4%, the Shanghai Composite added 0.6% and the Hang Seng fell 0.5%.
Oil prices docked 10 cents to $88.61 U.S. a barrel
Gold prices recovered $31.90 to $1,393 U.S.
