Toronto’s stock index looked set to open higher on Tuesday with investors awaiting events later this week for signs of how trading in 2014 will shape up.
The S&P/TSX composite index slipped 53.32 points to close Monday at 13,495.54, with Tuesday futures up 0.4%.
The Canadian dollar flopped 0.37 cents to 93.49 cents U.S. early Tuesday
National Bank Financial raised the rating on Alaris Royalty to outperform from sector perform as the company continues to invest in existing successful partners, adding an incremental $5 million to its Killick partner.
CIBC cut the price target on Kirkland Lake Gold to $3.50 from $4, saying the likelihood of sale of company's shares or assets is low given the current appetite in the merger and acquisition market
Economically speaking, Statistics Canada reported this morning that Canada's merchandise imports edged up 0.1% while exports were unchanged in November. As a result, Canada's trade deficit with the world went from $908 million in October to $940 million in November.
Later this morning, the Ivey Purchasing Managers’ index for December is due for release. Experts have the index pegged at 54.5.
ON BAYSTREET
The TSX Venture Exchange finished positive 1.34 points on Monday to 946.05
ON WALLSTREET
U.S. stock futures were pointing higher Tuesday, although the gains were slim and traders are likely to remain cautious before key economic reports due later this week.
Ahead of the opening bell, futures for the Dow Jones Industrials hiked 41 points, or 0.3%, to 16,406. Futures for the S&P 500 gained 2.3 points, or 0.1%, to 1,827.80, and futures for the NASDAQ leaped 16.75 points, or 0.5%, to 3,534.50.
On the corporate side, shares of Palo Alto Networks jumped in pre-market trading after the security company on Monday announced its acquisition of Morta Security, a cyber-security company.
Netflix dropped 4% in pre-market trading amid reports that the video rental company was downgraded by analysts.
Shares in Samsung Electronics edged lower after the South Korean company announced its operating profits will take a hit amid increased competition in the smartphone market.
European markets were all moving up by at least 0.4% in afternoon trading.
There were no dramatic moves on any of the Asian indexes Tuesday, with markets posting mixed results.
On the economic calendar, the U.S. Census Bureau was to release its monthly report on the nation's trade balance this morning. But the bigger releases are coming Wednesday and Friday, when investors will see the latest monthly jobs report and minutes from the Federal Reserve's last meeting of 2013.
The health of the labour market will likely determine the pace of further reductions in bond buying by the Federal Reserve under new chair Janet Yellen.
Nearly 60% of the 30 investment strategists and money managers surveyed believe the central bank will continue to gradually cut back on the bond purchases throughout this year so it can completely wind down its quantitative easing program by the end of 2014.
Oil prices nicked up 60 cents to $94.03 U.S. a barrel
Gold prices dipped 40 cents at $1,237.60 U.S. an ounce.
