Canada's main stock index looked set to open higher on Tuesday as strong data from the euro-zone and Germany pointed to a recovery in the European economy and boosted investor sentiment.
The S&P/TSX composite index progressed 52.14 points to finish Monday at 12,594.27. Futures gained 0.2%.
The Canadian dollar dropped 0.18 cents, to 96.85 cents U.S. early Tuesday
Smartphone maker BlackBerry Ltd is weighing options that could include an outright sale, it said on Monday, and its largest shareholder is stepping down from its board to avoid possible conflict of interest.
National Bank Financial cut the target price on Amica Mature Lifestyles Inc to $10.50 from $10.75 on valuation
BMO cut the rating on Copper Mountain Mining Corp to underperform from market perform, saying the company continues to face challenges in attaining design capacity and working capital remains weak
CIBC raised the price target on Enerplus Corp. to $20 from $17.50 after the company reported second-quarter results that beat expectations
CIBC raised the price target on Perpetual Energy Inc to $1.50 from $1.40, believing further debt repayment will be key to the company's success going forward
German analyst and investor sentiment climbed more than expected in August, suggesting Europe's largest economy is gradually regaining momentum after a contraction in late 2012 and a weak start to 2013.
ON BAYSTREET
The TSX Venture Exchange gained 5.77 points Monday to 925.86
ON WALLSTREET
Global markets and U.S. futures were on a firmer footing Tuesday, with positive economic reports setting the tone.
Ahead of the opening bell, futures for the Dow Industrials regained 43 points, or 0.3%, to 15,430. Futures for the S&P 500 nosed higher 3.90 points, or 0.2%, to 1,691, and futures for the NASDAQ gained seven points, or 0.2%, at 3,131.
Firms including Flowers Foods and Dick's Sporting Goods are scheduled to report quarterly results before the opening bell.
Shares of Yum! Brands sank in pre-market trading after the restaurant operator said same-store sales at its KFC locations in China dropped 13% versus last year, as the company continues to struggle in the wake of a food safety scandal.
J.C. Penney shares were slightly higher in pre-market trading after William Ackman, the troubled retailer's leading shareholder, resigned from the company's board. Ackman has been demanding the ouster of CEO Myron Ullman and Chairman Thomas Engibous; in its statement, Penney said its board reiterated its "overwhelming support" for the two leaders.
Market watchers will be reviewing the U.S. Census Bureau's monthly report on retail sales, which are expected to have edged up by 0.2% in July, according to analysts’ consensus.
European markets were rising in morning trading, with Germany's benchmark Dax index up by 1%. The latest German inflation data showed prices rose by 1.9% in July compared to the same time last year. That was generally in line with expectations.
Economists expect German investor sentiment and euro-zone industrial production reports due later to provide further evidence of a recovery in Europe. There are also indications of a housing boom in the United Kingdom.
Markets in Asia closed higher on the day with Japan's Nikkei 225 advancing 2.6% on positive economic data and a weaker yen. The Hang Seng added 1.2% and the Shanghai Composite rose 0.2%
Oil prices inched higher 16 cents to $106.27 U.S. a barrel
Gold prices dipped $8.10 to $1,326.10 U.S. an ounce.
