Canada's main stock index looked set to open higher on Tuesday as better-than-expected Chinese data, coupled with ebbing worries of a military strike against Syria after comments from U.S. President Barack Obama, boosted investor sentiment.
The S&P/TSX composite index ended Monday up 33.72 points to 12,854.64, with futures 0.4%.
The Canadian dollar climbed 0.34 cents to 96.72 cents U.S. early Tuesday
Centerra Gold Inc. said it entered into an understanding with the Central Asian state of Kyrgyzstan that could pave the way for joint ownership of the country's flagship mine.
Canada will do more in the global fight against climate change as the nation develops its vast oil sands resources and tries to win backing for the controversial Keystone XL pipeline, which is being proposed by the company, Energy Minister Joe Oliver said on Monday.
Stronger-than-expected industrial output reinforced other signs that China's economy was stabilizing after slowing for more than two years, just as major emerging markets brace for potential fallout from an expected trimming of U.S. stimulus.
On the domestic economic front, Canada Mortgage and Housing Corporation reported this morning that August housing starts fell more than expected to 180,291. The market call had been for a reading of 190,000.
The July figures were revised slightly higher to 193,021 from the 192,853 originally reported.
ON BAYSTREET
The TSX Venture Exchange dipped 2.98 points Monday to 952.94
ON WALLSTREET
Investors were optimistic Tuesday ahead of a much-anticipated Apple event, where the tech giant is expected to announce some new iPhone offerings.
Ahead of the opening bell, futures for the Dow Jones Industrials vaulted 93 points, or 0.6%, to 15,129. Futures for the S&P 500 picked up 11.10 points, or 0.7%, at 1,680.20, and futures for the NASDAQ leaped 22.75 points, or 0.7%, at 3,187.75
Shares of Apple inched higher in pre-market trading amid expectations the company will release the next generation of iPhones, rumored to be colorful and cheaper to produce. The event is being held at 1 p.m. ET.
Concerns about a U.S.-led military strike on Syria have been pushed to the back burner, as politicians in Washington continue to debate the pros and cons of a strike. While a military strike had seemed imminent and caused some extreme market volatility in previous sessions, the political process has slowed things down.
On Monday, Secretary of State John Kerry raised the possibility that if Syria were to give up its chemical weapons, an attack might be avoided. This opened the door to a diplomatic alternative in Syria, instead of military action.
European markets were charging higher in morning trading, inspired by bullishness in Asia and North America.
Gains in Asian markets were supported by fresh data from China pointing to a continued economic recovery in the country
Oil prices fell $1.87 to $107.65 U.S. a barrel
Gold prices settled $19.20 to $1,367.50 U.S. an ounce.
