Markets in Toronto looked set to follow global markets lower after a sharp drop in oil prices triggered caution among investors.
The S&P/TSX composite index stumbled 147.46 points, or 1.2%, to close Monday at 12,674.37
The Canadian dollar fell 0.39 cents to 71.31 cents U.S. early Tuesday.
WestJet Airlines reported a smaller quarterly profit, hurt by a weak economy in Alberta and a foreign exchange loss. Net earnings fell to $63.4 million, or 51 cents per share, in the fourth quarter, from $90.7 million, or 70 cents per share, a year earlier. Revenue fell 3.6% to $958.7 million.
Brookfield Asset Management has withdrawn an offer to buy the 24.4% stake in infrastructure company Invepar held by Brazil's Grupo.
Brookfield said in a statement that its offer depended on some conditions, particularly a revision of the shareholders agreement, which faced opposition from other partners.
Crude oil production at Syncrude Canada's oil sands operation averaged 296,100 barrels per day in January, up 24% from December, the joint venture's largest-interest owner said. Syncrude Canada is a joint-venture of seven partners - Canadian Oil Sands, Imperial Oil, Mocal Energy, Murphy Oil, Nexen, Sinopec and Suncor Energy.
Democrats from Pennsylvania's congressional delegation sent a letter to a federal rail regulator on Monday raising concerns over the
possible negative impacts of a merger between Canadian Pacific and Norfolk Southern Corp.
Canaccord Genuity cuts target price on Rona Inc. to $13.00 from $14.00, with a hold rating, saying that the home renovation market continues to face several headwinds, most notably in two of Rona’s major markets, Alberta and Quebec.
ON BAYSTREET
The TSX Venture Exchange eked up 0.72 points Monday to 500.24
ON WALLSTREET
U.S. stock futures are falling by about 1% and many European markets are dropping by as much as 2% in early trading.
Ahead of the opening bell, futures for the Dow Jones Industrials retreated 138 points, or 0.8%, to 16,202, futures for the S&P 500 dipped 17 points, or 0.9%, to 1,914.25. NASDAQ futures sagged 37.25 points, or 0.9%, to 4,254.25.
Shares in Google's parent company Alphabet are set to jump by as much as 5% at the open after the company reported an impressive set of quarterly results.
If confirmed, this move higher would make Alphabet the most valuable company in the world, surpassing long-time heavyweight Apple.
Alphabet's valuation surpassed Apple's on Monday, but it didn't last for long.
The oil industry is also in focus after BP reported a dismal set of results. Shares in BP are dropping by 8% in London and other oil companies are also in the red. U.S. crude oil futures are down about 4% below $31.00 U.S. per barrel.
Shares in toy maker Mattel are jumping by 6% pre-market based on an upbeat earnings report. The company -- which sells Barbie, Hot Wheels and Fisher-Price brands -- has been in the midst of a turnaround.
And PVH Corp, which owns fashion brands such as Tommy Hilfiger and Calvin Klein, is seeing its shares shoot up by about 6% pre-market after the company raised earnings expectations for the past year.
Exxon, UPS, Pfizer, Ferrari and Michael Kors are among the key companies reporting earnings before the open.
Asian markets all closed the day with losses, except two key Chinese indexes, which shot up during the day.
Oil prices lowered 76 cents to $30.86 U.S. a barrel
Gold prices dropped $2.18 to $1,126.23 U.S. an ounce.
