Stock futures pointed to a lower opening for equity markets in Toronto on Tuesday as a rally in oil prices fizzled over doubts a potential production freeze will have any impact on a supply glut.
The S&P/TSX Composite Index was positive 32.23 points to close Monday at 12,845.63. March futures were down 0.2%.
The Canadian dollar faded 0.16 cents to 72.8 cents U.S. early Tuesday.
Bank of Montreal posted a higher quarterly profit, lifted by growth in its U.S. personal and commercial banking business.
Bank of Nova Scotia has approached a unit of Bank of China, Maybank and two Japanese banks to gauge their interest in its $1.7-billion stake in Thai lender Thanachart,
Brookfield Asset Management Inc and its Australian rival, Qube Holdings Ltd are weighing a joint A$9-billion ($6.5-billion U.S.) bid for Asciano Ltd, Australia's biggest rail and port operator.
CIBC cut the rating on Endeavour Silver to underperform
Euro Pacific cut the rating on Great Panther Silver to neutral from buy
CIBC cut the rating on Primero Mining to sector perform.
ON BAYSTREET
The TSX Venture Exchange gained 3.62 points Monday to 534.41
ON WALLSTREET
U.S. stock futures are languishing in the red following a sharp market surge on Monday.
Ahead of the opening bell, futures for the Dow Jones Industrials nicked higher two points to 16,541, futures for the S&P 500 slipped 1.25 points, or 0.1%, to 1,935. NASDAQ futures fell 8.25 points, or 0.2%, to 4,206.5.
Shares in Fitbit are crashing pre-market. The company reported better-than-expected results over the holiday season, but investors seem to be deeply disappointed with the company's business forecasts.
Shares in Valeant Pharmaceuticals took a big hit overnight as the company announced it will have to restate financial results from 2014 and 2015. The company said roughly $58 million U.S. in revenue was improperly recorded in 2014 and should have been reported last year.
Valeant stock has been struggling since October when a short-selling firm accused the company of massive fraud. Federal prosecutors are investigating the way it prices and distributes drugs.
Shares in United Technologies jumped in extended trading after the company confirmed it had been talking with Honeywell about a potential merger, but the talks were halted due to regulatory obstacles.
Most European markets are in the red in early trading, though the losses are relatively muted. In Asia, most key stock markets ended with small losses.
Saudi Arabia's oil minister Ali al-Naimi will be making a speech in Houston on Tuesday morning. Saudi Arabia is the world's biggest oil exporter, and agreed last week with Russia to freeze output at January levels, provided other major producers do the same. Nobody else has signed up yet.
Oil prices strengthened $1.84 to $31.48 U.S. a barrel
Gold prices shone brighter $14.45 to $1,223.08 U.S. an ounce.
