Canadian stock index futures pointed to a lower open on Tuesday, dragged down by weaker commodity prices as investors looked forward to the two-day U.S. Federal Reserve policy meeting which could give investors hints on the future of its monetary easing program.
The S&P/TSX Composite Index moved higher by 101.54 points, or 1.4%, to conclude Monday at 12,288.90. Futures were down Tuesday by 0.3%.
The Canadian dollar dipped 0.26 cents to 97.91 cents U.S. early Tuesday.
Talisman Enegy Inc is exploring the sale of its shale assets in the Eagle Ford basin in south Texas, hoping it could raise as much as $2 billion, two people familiar with the matter said on Monday.
Tim Hortons Inc., which recently outlined plans to address the concerns of activist investor Highfields Capital, now faces pressure from another such investor.
ON BAYSTREET
The TSX Venture Exchange gained 0.47 points Monday to 934.04
ON WALLSTREET
Investors were taking a cautious approach Tuesday as they hope the Federal Reserve will calm fears about an early end to cheap money.
Futures for the Dow Industrials gained 29 points, or 0.2%, to 15,150. Futures for the S&P 500 picked up 3.70 points, or 0.2%, to 1,637.40, and futures for the NASDAQ advanced 10.5 points, or 0.4% to 2,970.
Investors are likely to remain on edge until they hear more from Fed chairman Ben Bernanke about the central bank's plans for its bond-buying program. Bernanke is set to speak at a news conference Wednesday after the Fed completes its two-day policy meeting.
In a PBS interview that aired late Monday, President Obama told Charlie Rose that Bernanke has "already stayed a lot longer than he wanted, or he was supposed to."
Sony shares climbed 3% on reports that Dan Loeb's Third Point hedge fund has increased its stake and is upping the pressure on the company to agree a partial spin-off of its entertainment business.
A report on consumer prices came in below expectations, while data on housing starts and building permits underscored the continued improvement in the housing market.
The government's consumer price index for May edged up 0.1%, according to the U.S. Bureau of Labor Statistics. The CPI was expected to have risen by 0.3%, according to a Briefing.com consensus. The so-called core CPI, which excludes food and energy prices, rose 0.2%.
Separately, the Census Bureau said the number of new homes breaking ground in May rose 6.8%. The number of building permits filed last month rose 3.1% in the month. The numbers were more or less as expected.
European markets were mostly higher in midday trading, with London's FTSE 100 managing modest gains while other markets posted narrow losses. Asian markets ended little changed.
Oil prices gained 12 cents to $97.89 U.S. a barrel
Gold prices faded $9.70 to $1,373.40 U.S.
