Futures on Canadian stocks dipped Tuesday, due to weaker-than-expected China inflation data and on growing expectations that the U.S. Federal Reserve will raise interest rates next month.
The S&P/TSX composite index fell 70.68 points – off its lows of the day --to close at 13,482.62.
The Canadian dollar poked up 0.14 cents to 75.40 cents U.S. early Tuesday
Canadian Pacific on Monday said 12 of the 13 freight train cars that derailed in Wisconsin on Sunday have been placed back on the rails and were being moved to an adjacent site for evaluation. The remaining car will be unloaded into containers and scrapped as it could not be safely re-railed.
The rupture of TransCanada Corp’s natural gas pipeline in 2013 in Alberta was caused by "miscommunication" between staff and contractors that built the piece of the line that failed, the company said on Monday. TransCanada, the company behind the recently rejected Keystone XL oil pipeline, made the comments after a report last week from Canada's transportation safety watchdog on the gas line rupture.
The mutual fund Sequoia's loss on Valeant Pharmaceuticals International underscores the danger of placing a big bet on an individual stock. But while Sequoia is an extreme example, it is not the only mutual fund doing it. The gamble on Valeant was extreme in an industry known for risk aversion, and by far the most concentrated bet among $1 billion-plus domestic funds.
RBC cut the target price on AIMIA Inc to $13.00 from $14.00 saying that 2015 has been a transition year for the company in absence of a U.S. coalition loyalty program.
National Bank Financial raised the target price on Heroux-Devtek to $15.50 from $14.00 to reflect significant growth driven by the new Boeing 777 complete landing gear contract.
ON BAYSTREET
The TSX Venture Exchange fell 0.56 points Monday to 533.72
ON WALLSTREET
U.S. stock futures are looking a bit weak ahead of the open.
Ahead of the opening bell, futures for the Dow Jones moved up four points to 17,679, futures for the S&P 500 scaled back five points, or 0.2%, to 2,068, and futures for the NASDAQ dipped 22 points, or 0.5%, to 4,630.75.
Gap shares are sinking about 5% in extended trading after the retailer posted its latest earnings update. The company, which also owns the Old Navy and Banana Republic brands, has been hurting for years and recently lost a prized executive to Ralph Lauren.
Workers at McDonald's and Burger King stateside warn they will be holding a massive strike to call attention to low wages. They are calling for a new minimum wage of $15 U.S. per hour and union rights.
European markets are mostly declining in early trading. The majority of Asian markets ended with losses.
Investors are warily viewing developments in Europe.
U.K. Prime Minister David Cameron is outlining plans to renegotiate the country's membership in the European Union. Britain is slated to have a referendum by 2017 to decide whether to remain in the EU or break away altogether. Investors are concerned about the many unknowns involved with a "Brexit."
And Greece's latest bailout payment of two billion euros ($2.2 billion U.S.) has been delayed by European officials who say the country isn't making enough progress with agreed reforms.
Oil prices improved 36 cents to $44.23 U.S. a barrel
Gold prices fell $3.12 to $1,089.19 U.S. an ounce.
