Global markets were in the red as speculation intensified that the U.S. Federal Reserve could raise interest rates sooner than many expect.
The S&P/TSX composite index collapsed 213.83 points, or 1.4%, to close Monday at 14,743.33, or more than 400 points since last Thursday.
The Canadian dollar added 0.39 cents to 80.96 cents U.S. early Tuesday.
Talks on Iamgold’s possible purchase of AngloGold Ashanti Ltd's stakes in two gold mines in Mali are moving along well but there is no urgency to do a deal, AngloGold's chief executive said on Monday. Earlier on Monday, AngloGold announced the sale of a Colorado-based gold mine for $820 million, helping it get most of the way to its goal of reducing its debt load by at least $1 billion.
CIBC raised the target price on Aecon Group Inc. to $16.00 from $15.00 following the company’s decision to sell off stake in Quito International airport.
CIBC cut the target price on Bonterra Energy Corp to $42.50 from $44.00 after the company announced a non-brokered private placement.
CIBC cut the target price on Sandvine Corp to $3.50 from $4.00 saying that the company expects flat sales in 2015
ON BAYSTREET
The TSX Venture Exchange skidded 3.47 points Monday to 686.38.
ON WALLSTREET
U.S. stock futures are slipping lower Tuesday, and world markets are seeing red.
Ahead of the opening bell, futures for the Dow Jones Industrials slipped 25 points, or 0.1%, to 17,743, futures for the S&P 500 fell 3.5 points, or 0.2%, to 2,074.75, and futures for the NASDAQ skidded 13.5 points, or 0.3%, to 4,418.75.
eBay shares rallied by 3% in extended trading after falling nearly 4% on Monday. The stock price fell after the company released its revenue projections, which see gains for 2015 but stagnant or shrinking revenues going forward. The company is working to spin off its PayPal division later this year.
Shares in General Motors are up about 1.5% pre-market after the Wall Street Journal reported its European competitor Fiat Chrysler is trying to prod the company into considering a merger
Clothing brands Quiksilver and Lululemon are reporting ahead of the open.
Mattress Firm will report after the close.
European markets are mostly dipping in early trading, while the majority of Asian markets closed with losses.
Global bank HSBC is shedding 50,000 jobs in the coming years as it slashes costs and sells businesses in Turkey and Brazil.
The changes are part of a major restructuring plan that is designed to save the bank $5 billion U.S. annually by 2017.
Oil prices gained $1.15 to $59.29 U.S. a barrel
Gold prices moved higher $7.10 at $1,180.70 U.S. an ounce.
