Stock futures pointed to a higher opening for Canada's main stock index on Tuesday as oil prices rose after four of the world's largest producers agreed to freeze output.
The S&P/TSX Composite Index gained 293.87 points, or 2.4%, Friday to 12,381.24, with March futures soaring 1.4% Tuesday morning.
The Canadian dollar inched up 0.06 cents to 72.36 cents U.S. early Tuesday.
Stock markets were closed Monday throughout North America, Toronto for Family Day, and the U.S. for Presidents Day.
Restaurant Brands International Inc , the owner of Burger King and Tim Hortons, reported a fourth-quarter profit, compared with a loss a year earlier, helped by strong demand for products such as Nutella pockets, grilled wraps and chicken fries.
Australian ports and rail giant Asciano Ltd formally dumped an A$8.9-billion ($6.4-billion) buyout from Canada's Brookfield Asset Management Inc after it failed to match a higher offer from local rival Qube Holdings Ltd.
Goldman Sachs cut the target price on Agrium Inc to $114.00 from $126.00, with a neutral rating
Canaccord Genuity raised the rating on Parex Resources to buy from hold
On the economic front, Statistics Canada reported that manufacturing sales increased 1.2% to $51.6 billion in December, their second consecutive advance.
In December, sales increased in the motor vehicle and wood products industries, representing over half of the national gain.
The Canadian Real Estate Association was also due out this morning with national home sales statistics.
ON BAYSTREET
The TSX Venture Exchange advanced 2.85 points Friday to 511.14
ON WALLSTREET
U.S. stock futures are rising by just over 1%, playing catchup to other international markets that were rallying on Monday
Ahead of the opening bell, futures for the Dow Jones Industrials soared 174 points, or 1.1%, to 16,087, futures for the S&P 500 gained 21.5 points, or 1.2%, to 1,879.75. NASDAQ futures hiked 61.5 points, or 1.5%, to 4,067.75.
The parent company of Burger King and Tim Hortons -- Restaurant Brands International -- is reporting earnings ahead of the opening bell, alongside Hormel Foods and Build-A-Bear Workshop.
After the close, investors will hear from Express Scripts, Fossil and Cheesecake Factory.
European stock markets had also been rising in early trading and tracking oil prices, but many indexes have now dipped into the red.
Asian markets were almost uniformly positive, with Shanghai bolting higher 3.1%.
Oil futures had surged by about 5% overnight but most of those gains have now been erased following a high-level meeting between the world's biggest oil exporters in Doha, Qatar, on Tuesday.
Traders were hoping that the oil heavyweights might agree to cut production. Instead, a source in the meetings said Saudi Arabia, Russia, Venezuela and Qatar simply agreed to freeze production levels.
There is a severe oversupply in the oil market right now, which has caused prices to crash by about 70% since 2014.
Oil prices acquired six cents to $27.50 U.S. a barrel
Gold prices gained six dollars to $1,215.30 U.S. an ounce.
