Markets in Toronto looked set to open flat to slightly lower on Tuesday ahead of a two-day Federal Reserve policy meeting, with markets widely expecting the U.S. central bank will continue with its monetary stimulus program.
The S&P/TSX composite index fell 27.58 to end Monday at 13,371.84.
The Canadian dollar recovered 0.10 cents to 95.84 cents U.S. early Tuesday
Workers at Barrick Gold’s suspended Pascua-Lama gold mine will vote by Wednesday on whether to strike, which they say could delay construction of a water management system crucial for the project to be re-activated.
Sears Canada will close its flagship downtown Toronto store and four other locations in a $400-million deal.
Agnico Eagle Mines is considering selling a minority stake in its Meliadine gold project in the Canadian sub Arctic, according to two sources familiar with the situation.
U.S. officials weighing the climate impact of the proposed TransCanada's Keystone XL oil pipeline connecting Canada to U.S. Gulf Coast refiners are zeroing in on the question of whether shipment by rail is a viable alternative to the controversial project, industry sources say.
In the economic docket, Statistics Canada reported this morning that its industrial product price index dipped 0.3% in September – mostly due to lower prices for metals, petroleum and coal products -- while its raw materials price index doffed 1.5% during the same month, led by mineral fuels and vegetable products.
ON BAYSTREET
The TSX Venture Exchange dipped 1.27 points Monday to 972.31
ON WALLSTREET
U.S. stock futures were little changed Tuesday as the Federal Reserve began its two-day meeting and investors waited for the latest economic data to roll in.
Ahead of the opening bell, futures for the Dow Jones Industrials were unchanged at 15,518. Futures for the S&P 500 stepped back 1.2 points, or 0.1%, to 1,757.70, and futures for the NASDAQ lost seven points, or 0.2%, to 3,376.25
Pfizer reported a decline in revenue and profit for the third quarter, but a 24% revenue surge in its cancer division. The drug maker also lowered the top end of its guidance.
Nokia reported quarterly flat sales and profit. But sales for smartphones jumped, pulling shares higher in pre-market trading.
Baidu and LinkedIn are up after the bell.
Apple shares nudged higher a day after the tech giatn reported quarterly sales and profit that handily beat Wall Street estimates. But its profit margin fell for the seventh straight quarter.
The U.S. Census Bureau will release its monthly report on retail sales this morning, while the U.S. Bureau of Labor Statistics will publish the latest edition of its producer price index. Retail sales are expected to have dipped 0.1% in September, according to a consensus of economist forecasts compiled by Briefing.com, and the PPI is expected to have risen 0.2%.
At 9 a.m. ET, the Case-Shiller/S&P 20-city home price index will be released, and at 10 a.m. ET, the Conference Board releases its Consumer Confidence Index.
European markets were higher Tuesday, while Asian markets ended mixed. Japan's Nikkei 225 fell 0.5% at close after the government announced unemployment and consumer spending data.
Oil prices tacked on 21 cents to $98.47 U.S. a barrel
Gold prices jumped $1.50 to $1,353.70 U.S. an ounce.
