Stock futures pointed to a lower opening for Canada's main stock index as markets stuttered around Greece’s likely debt default and ahead of the U.S. Federal Reserve’s two-day policy meet later in the day.
The S&P/TSX composite index recovered 14.90 points to close the day at 14,756.05.
The Canadian dollar dipped 0.13 cents to 81.02 cents U.S. early Tuesday.
Sun Life Financial said on Monday it is acquiring North American real estate investment manager Bentall Kennedy Group for $560 million, as part of the financial services group's larger strategy to expand its capabilities in commercial property.
Goldcorp Inc will sell its 25.6% stake in Tahoe Resources Inc for $998.5 million in a bought deal, the two precious metals producers said on Monday. GMP Securities and BMO Capital Markets will act as joint bookrunners on the deal, which will involve the sale of Goldcorp's 58 million Tahoe shares at a price of $17.20. The offer is scheduled to close around June 30.
Hudson's Bay Co.’s $3.2-billion acquisition of Germany's Kaufhof opens a path to expansion in Europe, but experts say the route will be treacherous as the department store operator tries to replicate its North American success on a continent where others have failed.
The deal, announced earlier on Monday, comes at a time when HBC already has its hands full revitalizing and expanding Saks Fifth Avenue stores, which it acquired in 2013, as well as investing heavily in an ecommerce buildout.
BMO initiated coverage on Eldorado Gold Corp with a market perform rating citing political uncertainty in Greece and elevated related risks.
National Bank Financial resumed coverage on Torc Oil & Gas with an outperform rating after the company’s first-quarter results were in line with expectations and smooth continued operations.
On the economic ledger, Statistics Canada reported that foreign investors purchased Canadian securities for a fourth straight month in April, adding $12.9 billion to their holdings.
At the same time, our investments offshore resumed with acquisitions of foreign securities totaling $6.6 billion in the month, mainly non-U.S. foreign securities.
ON BAYSTREET
The TSX Venture Exchange dove 3.73 points Monday to 678.41.
ON WALLSTREET
U.S. stock futures are moving lower and all European stocks are deep in negative territory as worries about Greece's future continue to escalate.
Ahead of the opening bell, futures for the Dow Jones Industrials dipped 42 points, or 0.2%, to 17,670, futures for the S&P 500 hesitated six points, or 0.3%, to 2,069.50, and futures for the NASDAQ fell 16 points, or 0.4%, to 4,412.
Adobe will post its latest earnings after the market closes. The multinational software company, which has developed popular digital products such as Photoshop, has seen an 18% increase in its share price over the past year.
The U.S. Census Bureau will release new residential construction data for the month of May this morning.
Greece has until Thursday to accept a new deal with creditors that will give it access to 7.2 billion euros to pay its debts and bills. But Greece doesn't like some of the strings attached, and many worry an agreement will not be reached.
If Greece is unable to access the money and consequently defaults on its debts, it could become the first country to stumble out of the euro-zone.
Chinese stocks closed the day with deep losses.
Both the Shanghai Composite and Shenzhen indexes fell by about 3.5%.
However, this follows massive rallies in both markets. The Shenzhen index, in particular, is still up by 110% since the start of 2015.
The Hang Seng in Hong Kong also fell Tuesday, by 1.1%
Oil prices inched forward 40 cents to $59.92 U.S. a barrel
Gold prices lost $3.10 at $1,182.70 U.S. an ounce.
