Toronto stocks are looking to hold their gains from Monday, with new numbers from Ottawa possibly reinforcing that confidence.
The S&P/TSX Composite Index gained 21.14 points just before Monday’s close at 12,669.04
The Canadian dollar eased 0.03 cents to 97.38 cents U.S. early Tuesday
On the economic front, Statistics Canada reported this morning that its industrial product price index rose 0.3% in June, as a result of higher prices for motor vehicles and other transportation equipment as well as petroleum and coal products.
The agency also reports its raw materials price index advanced 0.3% during the same month, mostly because of higher prices for animals and animal products and crude oil.
ON BAYSTREET
The TSX Venture Exchange dipped 0.6 points Monday to 924.69
ON WALLSTREET
American markets could be gearing up to bounce back Tuesday after a disappointing start to the week.
Ahead of the opening bell, futures for the Dow Industrials advanced 21 points, or 0.1%, to 15,504. Futures for the S&P 500 gained 4.10 points, or 0.2%, to 1,686.60, and futures for the NASDAQ tacked on 10.75, or 0.4%, to 3,076.25
Dow component Pfizer reported a drop in earnings that nonetheless beat analysts' forecast by a penny a share. Insurer Aetna reported improved operating income that also beat forecasts as it raised its full-year earnings guidance.
Late Monday, controversial nutritional supplements company Herbalife reported better-than-expected earnings and raised its guidance, sending its shares higher in premarket trading.
Sprint reported a loss for the quarter as it shut down its Nextel network and moved millions of subscribers to its Sprint platform. The loss comes even as the company boosted sales.
Shares of BP fell after the company's quarterly results missed market expectations. BP reported a drop in earnings due, in part, to lower oil prices and higher taxes. BP is also expecting to pay more in U.S. settlements related to the massive Gulf of Mexico oil spill in 2010.
Barclays shares fell after the bank revealed it will be selling $8.9 billion in new shares at a discounted price to existing shareholders to meet capital requirements set out by regulators.
Shares of Mosiac Co., a major U.S. potash producer, plunged after a Russian potash producer pulled out of a cartel, a move expected to send prices of the fertilizer raw material sharply lower.
CBS and Time Warner Cable agreed to continue negotiations on the fee the cable operator pays to carry Showtime as well as CBS in the nation's largest markets. The new deadline that could see three million Time Warner Cable customers lose the networks was pushed back to Friday.
U.S. investors will receive a variety of economic and corporate news Tuesday as they await the latest reading on economic growth and statement from the Federal Reserve on Wednesday, and Friday's jobs report for July.
The S&P Case-Shiller index, which measures home prices in 20 major markets, will be released this morning, and soon after, the Conference Board will release its monthly reading on consumer confidence.
European markets were higher in midday trading, even as banking shares were under pressure. Meanwhile, Asian markets bounced back from Monday's losses, with all major indexes closing with gains.
Oil prices fell $1.07 to $103.48 U.S. a barrel
Gold prices docked $4.30 to $1,324.10 U.S. an ounce.
