Stock futures pointed to a higher start for equities in Canada’s biggest centre on Tuesday after oil prices rose to a two-month high following China's surprise monetary policy easing.
The S&P/TSX Composite Index gained 47.07 points to close Monday at 12,844.86, ending February only 22 points above where it closed January. March futures sprung 0.9% Tuesday.
The Canadian dollar hiked 0.1 cents to 73.94 cents U.S. early Tuesday.
Bank of Nova Scotia, Canada's third-largest bank, reported a 5.1% rise in quarterly profit, helped by growth in its international banking business.
Maple Leaf Foods reported a quarterly profit, compared with a year-earlier loss, helped by improved margins in its prepared meats business.
WestJet Airlines Ltd has started talks with aircraft makers on replacements for its fleet of Boeing 767-300 planes, with delivery of the new planes expected by the end of this decade.
CIBC started coverage on Acadian Timber with a sector perform rating, and a $20.00 target price
Raymond James cut the target price on Delphi Energy to $1.75 from $1.85, with a strong buy rating.
NBF raised the target price on Prairiesky Royalty to $24.00 from $23.00, with an outperform rating.
China has cut the amount of cash that banks must hold as reserves, positively surprising markets as the move frees up an estimated $100 billion for fresh lending.
On the economic calendar, Statistics Canada reported that real gross domestic product grew 0.2% in December, after rising 0.3% in November. GDP grew 0.2% in the fourth quarter, following a 0.6% increase in the third quarter. Real GDP advanced 1.2% in 2015, about half the pace recorded in 2014
RBC's Manufacturing Purchasing Managers' Index at 9:30 a.m. ET.
ON BAYSTREET
The TSX Venture Exchange took on 3.67 points Monday to 541.73
ON WALLSTREET
U.S. stock futures are moving up to begin March,
Ahead of the opening bell, futures for the Dow Jones Industrials vaulted 120 points, or 0.7%, to 16,617, futures for the S&P 500 moved up 15 points, or 0.8%, to 1,944.5. NASDAQ futures gained 30.25 points, or 0.7%, to 4,231.5.
Tesla shares will be in focus Tuesday after about 300 workers walked away from building a massive Tesla battery plant in Nevada, protesting Tesla's use of out-of-state contractors. Tesla said that more than 75% of people building the Gigafactory are Nevada residents.
Shares in pharmaceutical firm Valeant could move again after the company reportedly confirmed that it is being investigated by the Securities and Exchange Commission.
Valeant stock has plunged by about 70% over the past six months after a short-selling firm accused the company of massive fraud. The company said last week it will restate 2014 and 2015 earnings due to accounting errors.
Shares in Marathon Oil could drop at the open after the company announced it would sell an additional $1.3 billion U.S. in new shares, which will dilute the investments of current shareholders.
Shares in Barclays are falling by 10% in London after the British bank reported a bigger-than-expected annual loss of £394 million ($550 million U.S.) and slashed its dividend.
The bank said it would scale back heavily in Africa as it continues a retrenchment designed to boost capital levels.
Companies including Dollar Tree, AutoZone and JD.com-- China's e-commerce gaint -- are reporting quarterly results ahead of the open.
Ross Stores and Ann Taylor owner Ascena Retail will issue updates after the close.
European markets are climbing in early trading and Asian markets ended with gains.
Oil prices hiked 65 cents to $34.40 U.S. a barrel
Gold prices climbed $7.98 to $1,246.65 U.S. an ounce.
