The Toronto stock market looked set to open little changed Tuesday as traders looked to new stimulus measures from the Japanese government and awaited U.S. manufacturing and housing data.
The S&P/TSX composite index gained 53.11 points to end the week at 14,054.76. Markets in Toronto were closed Monday for Family Day.
The Canadian dollar dipped 0.06 cents U.S. early Tuesday to 91.15 cents U.S.
This week, the resource sector will produce a variety of earnings reports from companies including HudBay Minerals, Lundin Mining and Sherritt International. Gold miners Iamgold and Yamana Gold also post results.
On Tuesday, Choice Properties Real Estate Investment Trust reported an adjusted profit of $36.8 million, which came in above a forecast of $34.6 million when Choice prepared its initial public offering last summer.
Its funds from operations, another key financial measure for real estate companies, was $82.8 million compared with the forecast of $78.9 million.
Home improvement chain Rona also posts earnings Tuesday.
On the economic front, Statistics Canada reported folks offshore reduced their holdings of Canadian securities by $4.3 billion in December, most of them Canadian dollar-denominated bonds. Canadian investors acquired $3.7 billion of foreign securities, led by U.S. dollar-denominated bonds.
ON BAYSTREET
The TSX Venture Exchange marched upward 9.90 points Friday to 996.35
ON WALLSTREET
Markets will be looking to corporate earnings Tuesday for reasons to push higher after last week's strong performance.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 25 points, or 0.2%, to 16,152. Futures for the S&P 500 took on 10.70 points, or 0.6%, to 1,835, and futures for the NASDAQ gained four points, or 0.1%, at 3,665.
U.S. stock futures were relatively flat as investors and traders return from the Presidents Day holiday.
While the start of the year was rocky for investors,stocks roared back to life last week. The S&P 500 is now only a few points away from its record closing high.
But further gains are only expected if earnings this week impress Wall Street.
Actavis has agreed to buy Forest Laboratories for $25 billion U.S. in a deal announced Tuesday. Share prices surged in pre-market trading.
Coca-Cola is set to report quarterly results before the opening bell. Shares edged up before the release. The beverage company's global footprint makes it a good barometer for consumer spending around the world, including emerging markets.
Meanwhile Herbalife is slated to report results after the market close.
In global markets, European indexes were mostly dipping lower in morning trading, though the declines were muted.
Asian markets had a dramatic day. The Nikkei 225 n Japan added 3.1% after Japan's central bank doubled the size of two programs designed to encourage bank lending.
The Bank of Japan decided not to increase the size of its asset purchase program despite a disappointing GDP report on Monday.
The Hang Seng posted a small gain on the day, while the Shanghai Composite ended in negative territory.
Oil prices gained 77 cents to $101.07 U.S. a barrel
Gold prices faded $4.20 to $1,314.40 U.S. an ounce.
